IDB loans Indonesia $700m

Mon, 14 Sep 1998 | Source: AFP

RIYADH (AFP): The Islamic Development Bank (IDB) has extended Indonesia a loan of US$700 million to ease its financial crisis, the IDB announced Sunday.

The Saudi-based bank said $500 million was earmarked for imports of food and medicine, and another $100 million each for development projects and to support the stock market.

The 52-member Organization of the Islamic Conference (OIC) founded the bank in 1975.

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