President of the Islamic Development Bank Group (IDB) Group and Chairman of the Islamic Corporation for the Development of the Private Sector (ICD) Ahmad Mohamed Ali and CEO and General Manager, Ali A. Soliman recently participated in a conference held in Kuwait aimed at introducing the activities and operations of the IDB Group to the Kuwaiti private sector.
In his speech at the opening session, Ahmad Ali commended Kuwait's strong and continuous support for the IDB Group. He pointed out that Kuwait is among the major founding members of the IDB, contributing over 12 percent of the Bank's capital.
Emphasizing the close cooperation between Kuwait and the IDB Group, Ahmad Ali stated that a number of investment projects, trade operations and other activities were financed by IDB, particularly in the last few years, for a total amount of nearly $434 million.
At the end of his speech, he invited the Kuwaiti private sector to benefit from the programs and facilities offered by the IDB Group, which include various mechanisms for project and trade financing as well as insurance of investment and export credit. Kuwaiti contractors can participate in bids to implement projects or purchase and install equipment financed by IDB in Kuwait and other member countries
The conference was also an opportunity for Kuwait to ratify the Articles of Agreement establishing ICD. This will allow the Kuwaiti private sector to benefit from the different financing facilities offered by the IDB Group's private-sector arm. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
