IDB board decides to raise capital, reelects Mohamed Ali as president
Published: Jun 28, 2010 00:02 Updated: Jun 28, 2010 00:02
JEDDAH: The subscribed capital of the Islamic Development Bank (IDB) has been increased from ID16 billion to ID18 billion.
The decision was taken by the bank’s Board of Governors its 35th annual meeting which was held in Baku, Azerbaijan, June 23-24.
The Islamic Dinar (ID) is a unit of account of IDB which is equivalent to one Special Drawing Right of the International Monetary Fund.
The board also reelected Ahmad Mohamed Ali as IDB president for a new five-year term.
Among other decisions of the Baku meeting was to increase the subscription of Nigeria in bank to ID1.384 billion. This enables Nigeria to appoint a permanent member on the Board of Executive Directors.
The Board of Governors also decided to allocate the equivalent of five percent of IDB’s net income for 2010 to fund technical assistance in 2011. Similarly, the equivalent of two percent of net income will be allocated to fund the program of study grants to outstanding students in the form of donations offered by the bank.
Alongside the annual meeting of the Board of Governors, the Supreme Council of the Al-Aqsa and Al-Quds Fund met under the chairmanship of Karim Joudi, IDB governor for Algeria. The board examined the role played by the Al-Aqsa Fund in the reconstruction of the Gaza Strip, as well as the role of Arab funds in general, in the development of Palestine. The board expressed its thanks to the Arab summit held in Syrte for its decision to increase support to the Al-Aqsa and Al-Quds funds by an amount of $500 million, as a contribution to the resistance of the Palestinian people.
The board also extended its thanks to the Arab funds and financial institutions that contributed in the resources of Al-Aqsa Fund and helped it carry out its role in meeting the urgent needs of the Palestinian people. The board expressed special thanks to the Arab funds that allocated an amount of $70 million for the development projects, when they last met in April 2010 in Khartoum. Owing to the difficult circumstances and the continual degradation of the situation and the living conditions of the inhabitants of Al-Quds (Jerusalem), the board appealed to the member countries to hasten remitting their contributions within the framework of a supplementary assistance that will allow the fund to do its utmost in order to ensure the minimum level of health care, education and housing to the population of Al-Quds.

Comments
AYO SHONDE
Jul 20, 2010 19:44
Report abuse