The Board of Executive Directors of the Islamic Development Bank (IDB) concluded its 219th session recently at the Bank's headquarters in Jeddah, Saudi Arabia, under the chairmanship of President Ahmad Mohamed Ali. The board approved $258 million in favor of a number of member countries and Muslim communities in non-member countries towards project financing and trade operations.
During the session, the Board of Directors also approved the $1.492 million operations plan for import trade financing operations (ITFO), the export financing scheme (EFS) operations plan and $233 million administrative budget.
The purpose of IDB is to foster the economic development and social progress of member countries and Muslim communities, individually as well as jointly, in accordance with the principles of Shariah Islamic Law. The present membership of IDB consists of 54 countries.
IDB is headquartered in Jeddah, Saudi Arabia, with regional offices in Morocco, Malaysia and Kazkahstan. — (menareport.com)
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