By NNN-KUNA
Riyadh : The Islamic Development Bank (IDB) has allocated some USD 755 million in the form of development contributions and technical assistance for member and non-member states of the Bank.
At the conclusion of its 247th meeting of the Board of Executive Directors, which kicked off in Jeddah on Sunday, IDB said in statement Tuesday that the financing was part of the Bank’s unremitting efforts to achieve economic and social development throughout the Islamic World.
The meeting, presided over by IDB Chairman Dr Ahmad Mohammad Ali, responded to a plea by the Lebanese government to benefit from the USD 250 million reconstruction programme, which was accredited by the Bank in August 2006, on the aftermath of the Israeli war on the Arab country, the statement added.
The meeting also focused on management and technical reports aimed at developing micro-financing projects in member states by assigning a consultant institute to study the feasibility of establishing IDB financial houses in Bangladesh, Indonesia and Sudan.
IDB’s funds for education and health in non-member Muslim states reached USD 1.6 billion and USD 1 billion respectively, the statement said, adding that the conferees also discussed the fourth rise in the bank’s capital to boost its development efforts.
The 14-member board of executive directors is responsible for day-to-day monitoring of the bank’s operations, and includes seven permanent members — Kuwait, Saudi Arabia, Iran, Turkey, Egypt, the UAE and Libya — the greatest contributors to the bank’s capital.
The Jeddah-based IDB was established in 1975 by the Organisation of the Islamic Conference with the aim of financing development projects and encouraging inter-Islamic trade among its 56 member states.