IDB extends $100b financial assistance to members in 40 years

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Minister of Finance Ibrahim Al-Assaf (left) addresses a joint press conference with Islamic Development Bank (IDB) Group President Dr. Ahmad Mohamed Ali in Jeddah on Monday on the eve of the IDB Group annual meeting and the 40th anniversary celebration.

Minister of Finance Ibrahim Al-Assaf (left) addresses a joint press conference with Islamic Development Bank (IDB) Group President Dr. Ahmad Mohamed Ali in Jeddah on Monday on the eve of the IDB Group annual meeting and the 40th anniversary celebration.

JEDDAH – The Islamic Development Bank (IDB) Group has given $100 billion in financial assistance to its member countries during the last 40 years, IDB President Dr. Ahmad Mohamed Ali announced here on Monday.

Speaking at a press conference on the eve of the IDB Group annual meeting and the 40th anniversary celebration in the presence of Minister of Finance Ibrahim Al-Assaf, the IDB chief said the bank has tripled its authorized capital last year to $150 billion to better serve Muslims in member and non-member countries.

“The bank will always extend its assistance to member countries which are in need, and we will go to any part of the world to reach those who are in need despite the challenges and difficulties we face such as wars and fighting,” Dr. Ali said.

Al-Assaf praised the role of IDB during the last 40 years to promote economic development and social progress in member countries and among Muslim communities.

“The bank has been playing a major role in promoting comprehensive human development with a focus on the priority areas of alleviating poverty, improving health, promoting education, improving governance,” the minister said.

He announced that on behalf of Custodian of the Two Holy Mosques King Abdullah, Crown Prince Salman Bin Abdulaziz, Deputy Premier and Minister of Defense, will open the IDB Group annual meeting & the 40th anniversary celebration on Tuesday night.

The celebration will be attended by ministers of finance of 56 member countries who will also be participating in IDB’s 39th Annual Meeting of the Board of Governors.

The meeting of the Board of Executive Directors of the bank that convened on Sunday at the IDB headquarters approved $447.6 million toward 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 major part of the financing, $304 million, went to the energy sector – $220 million for a Power Grid Extension Project in Bangladesh and $83.75 million for 132 KV Mirama-Kable Transmission Line and Distribution Project in Uganda.

The members of the board also approved IDB’s continued contribution to the International Center for Biosaline Agriculture (ICBA), Dubai, UAE, as the center represents a successful example of mutual cooperation between the bank and the UAE.

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