MANAMA The Islamic Development Bank (IDB) said on Tuesday it had approved $151 million in new financing to several member countries.

A statement from the Jeddah-based bank said the financing included $41.5 million for Egypt and $31 million for Syria to help finance power projects in both countries.

Pakistan would get $24.8 million to help finance a railway project and Algeria will receive $20.3 million for a power project, Reuters reported.

Established in 1975, IDB promotes trade exchanges between Islamic states. The 153-member bank operates according to the Islamic Sharia law which forbids the payment and receipt of interest on extended loans and credit.