News Column

Saudi King patronizes IDB's 40th anniversary

June 24, 2014



JEDDAH, June 23 (KUNA) -- The Islamic Development Bank (IDB) will hold its annual meeting tomorrow Tuesday that also marks its 40th anniversary, an event patronized by Saudi King Abdullah who will be represented by Crown Prince Salman bin Abdulaziz.

The 40th anniversary is an opportunity for IDB to review its performance since its establishment, Saudi Finance Minister Dr. Ibrahim Al-Assaf told a joint news conference with IDB Board Chairman Dr. Ahmad Ali on Monday evening.

Al-Assaf commended the bank for carrying out an internal assessment for its objectives with the aim of supporting development in member countries and Muslim communities in non-member states.

He said tomorrow's meeting would touch upon a strategy for the upcoming 10 years that would honor aspirations of member countries and requirements of global economy.

Al-Assaf said the IDB has approved a large number of financial operations amounting to USD 100 billion in the past 39 years.

IDB Board Chairman Dr. Ali said the bank sought to collect USD 100 billion through issuance of sukuk (bonds) from around the world.

He said trade exchange among IDB member countries rose from four percent in 1975 to 20 percent in 2014. (end) nh.bs

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Source: Kuwait News Agency


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