The approved financing also included a package amounting to $ 250 million as grant dedicated to rendering the required technical assistance and supporting investments in IDB member countries for creating job opportunities for the youth, alleviating poverty, financing SME projects and capacity building.
The BED members further approved a technical assistance grant for the preparation of non-oil export strategy for GCC member countries as well as grants from the WAQF Fund for different programs to be implemented for Muslim Communities in non-member countries including Ukraine, India, Tataristan and United States.
The Islamic Development Bank Board of Executive Directors stressed its support for the efforts being undertaken through the IDB programs aimed at combating unemployment and providing employment opportunities for youth through the establishment of small and medium projects in a number of Arab countries that have recently experienced change.
Within this framework, the IDB Board decided to allocate an amount of $250 million to enable those countries to support investments aimed at alleviating poverty, and creating new employment opportunities for youth.
This assistance will enhance building institutional capacity of those countries either by supporting training programs that meets labor market needs, or by supporting Micro Finance Institutions (MFIs), vocational training, and lines of financing for small and medium enterprises. The Board went further to stress on the importance of following up on the new developments to decide what to be done in order to enhance the role of these institutions.
This assistance is to be added to the 2011 IDB ordinary operations programmed for those affected countries.