JEDDAH, 24 July 2007 — Saudi Arabia will infuse the Islamic Trade Financing Corporation (ITFC) with SR112.5 million ($30 million). The money will come from the General Investment Fund.
Culture and Information Minister Iyad Madani made this announcement yesterday after the weekly Cabinet meeting chaired by Custodian of the Two Holy Mosques King Abdullah at Al-Salam Palace in Jeddah.
ITFC, a recently established subsidiary of the Islamic Development Bank (IDB) group, aims to develop export and import markets among IDB member states. The ITFC has $3 billion in capital. IDB controls a majority stake in the ITFC.
The Council of Ministers also approved the agreement of cooperation between the King Abdul Aziz City for Science and Technology on behalf of the Kingdom of Saudi Arabia and the European Organization for Nuclear Research (CERN) to develop scientific and technical cooperation in high energy physics, Madani told the Saudi Press Agency.
The major features of the agreement include the eligibility of specialized physicists and engineers from Saudi universities and scientific institutes to participate in CERN’s research programs in experimental and theoretical physics.
According to the terms of the agreement, CERN will consider applications from Saudi scientists for jobs related to special works on integrated scientific programs. Another feature of the agreement is that Saudi students and engineers will undertake studies at the institutes run by CERN.
King Abdullah briefed the Council of Ministers on his talks, meetings and consultations with several heads of state or their representatives on regional and international issues.
The council also affirmed the Kingdom’s firm stance on strengthening the region’s security and stability, Madani said.
The council decided to reconstitute the board of directors of the Saudi Industrial Development Fund for the next three years with Yusuf ibn Ibrahim Al-Bassam, vice chairman and CEO of the Saudi Development Fund, as chairman. The new members of the fund are Khaled ibn Muhammad Al-Sulaiman, undersecretary for industrial affairs at the Commerce Ministry; Ahmad ibn Habib Salah, economic adviser at the Ministry of Economy and Planning; Abdullah ibn Muhammad Al-Aboudi, director general of the Water Directorate of the Riyadh region; and Ibrahim ibn Abdullah Al-Nasar, director general of the finance and administrative affairs at the Saudi Arabian Monetary Agency.
The council also approved the request by Transport Minister Jabara Al-Seraisry, president of the Saudi Seaports Authority, to approve the final accounts of the authority for the year 2005.
The council decided to appoint Musaed ibn Saleh Al-Hammad as the deputy director general of the Mujahedeen at the general administration of the Mujahedeen at the Ministry of Interior. The Mujahedeen General Administration is the Saudi equivalent of a veterans’ affairs administration to provide social services for men who fought for the Kingdom.
