4-day Islamic Dev Bank moot concludes with billion-dollar agreements

The four-day Golden Jubilee session of the Islamic Development Bank (IDB) has come to an end in the Saudi Arabian capital of Riyadh.

Islamabad: 4-day Islamic Dev Bank moot concludes with billion-dollar agreements. During the meeting, the Islamic Corporation for Development (ICD) signed 11 agreements for the improvement of the private sector in developing countries, while 53 agreements worth $6,486 billion were also inked.

During the significant conference of the IDB, the Islamic Corporation for Development signed 11 agreements as part of historic initiatives for developing countries. The purpose of the agreements was to promote economic growth in developing countries, empower people, and facilitate the development of the private sector.

The ICD signed a 15-million-euro line of financing agreement to economically strengthen the African country Ivory Coast. Two contracts worth 10 million euros were signed to boost the banking sector and business activities in Cameroon.

Moreover, five agreements were signed with banks for the development of the private sector in Uzbekistan. The ICD also signed three MoUs with investment company “OJSC” for the sustainable development of Azerbaijan.

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Delegations from 83 countries participated in the four-day conference of the Islamic Development Bank. The next year’s session will be held in the African country of Gambia.

The Islamic Development Bank  is a multilateral development finance institution that is focused on Islamic finance for infrastructure development and located in Jeddah, Saudi Arabia.^[1] There are 57 shareholding member states with the largest single shareholder being Saudi Arabia.

History

It was founded in 1973 by the Finance Ministers at the first Organisation of the Islamic Conference (now called the Organisation of Islamic Cooperation) with the support of the King of Saudi Arabia at the time (Faisal), and began its activities on 3 April 1975.

On the 22 May 2013, IDB tripled its authorized capital to $150 billion to better serve Muslims in member and non-member countries. The Bank has received credit ratings of AAA from Standard & Poor’s, Moody’s, and Fitch. Saudi Arabia holds about one quarter of the bank’s paid up capital. The IDB is an observer at the United Nations General Assembly.