JEDDAH, 29 August — Saudi Arabia yesterday commended the leading role being played by the Islamic Development Bank in boosting the economic development of Muslim countries.
The IDB has given $24 billion (SR90 billion) in soft loans to member states of the Organization of Islamic Conference (OIC) to finance 833 development projects, 342 technical studies and 1,355 trade deals during the past 25 years.
Custodian of the Two Holy Mosques King Fahd, who received a high-level IDB delegation led by its President Dr. Ahmad Muhammad Ali, reiterated the Kingdom’s continued support for the bank which started operation on Oct. 20, 1975.
The delegation met the king on the occasion of the first Islamic trade fair organized by the bank in Jeddah to mark its silver jubilee.
King Fahd highlighted IDB’s role in promoting trade exchange and economic cooperation among the OIC member countries and wished the bank every success. Based in Jeddah, the IDB is the financial organ of the 55-member OIC.
The reception at Al-Salam Palace in Jeddah was also attended by Dr. Majed Al-Qasabi, secretary-general of the Jeddah Chamber of Commerce and Industry.
Crown Prince Abdullah, deputy premier and commander of the National Guard, and Prince Sultan, second deputy premier and minister of defense and aviation, also received the IDB delegation separately.
Dr. Ali briefed the Saudi leaders on the remarkable achievements made by the bank during the past 25 years and presented commemorative shields to the three leaders.
