Saudi-based Islamic Development Bank (IDB) has approved $434 million funding for development projects in the Middle East and North Africa (Mena) region, said a report.

Of this, a $170-million funding will go towards the development of the third phase of a solar generation project in the UAE; $105 million for an aluminium group in Bahrain; $94 million for a rural development project in Morocco besides $60 million for establishing and equipping a public hospital along the Atlantic coast in Djibouti and a $5 million for power generation project in Jordan, reported Saudi Press agency.

IDB approved a $16 billion budget for the period 2017-2019 during the 316th meeting of the Jeddah-based bank, said the report.

Besides these countries, the IDB also allocated funds for developmental projects in major African countries Senegal, Togo, Chad and Mali during its 316th meeting in Jeddah, said the report.