HE Finance Minister Attends Meeting of IDB’s Board of Governors in Jeddah

Jeddah, June 24 (QNA) – In the presence of HE the Minister of Finance Ali Shareef Al Emadi, the 39th annual meeting of the Islamic Development Bank’s Board of Governors and the celebration of IDB’s 40th anniversary of the establishment kicked off in Jeddah.

Speaking on the march of the bank over the years, Dr. Ahmed Mohammed Ali, the IDB group’s President, cited that the bank’s capital dramatically surged from $3 billion to $150 billion, pointing to the dedication of all member states to settle their annual shares in the bank’s budget, leading in part to an unprecedented success.

Meanwhile, the 298th meeting of the Board of Executive Directors of the Bank that convened at the IDB headquarters in concurrence with the 39th Annual Meeting of the IDB’s Board of Governors, approved US$ 447.6 million towards financing several new development projects in a number of member countries as well as three grants under the IDB Waqf fund for educational projects for Muslim communities in Kenya, Lesotho, and Trinidad and Tobago.

The Board Members reviewed the latest arrangements for the Bank’s 40th Anniversary Celebration as well as the 39th Annual Meeting of the IDB Board of Governors in Jeddah, which is to take place during 24-26 June, 2014 at the level of Ministers of Finance, Economy and Planning of the 56 member countries. (QNA)

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