Ashgabat to host 34th meeting of IDB Governing Council

Turkmenistan, Ashgabat, June 1 / Trend , G.Hasanov/ 

On June 2-3, Ashgabat will host the 34th summit of the Governing Council of the Islamic Development Bank (IDB), which will be attended by some 600 delegates from 56 states participant-countries of the financial institution, led by the IDB President Ahmed Mohamed Ali.

The forum will bring together regional and international financial institutions, national development finance institutions and trade unions, contractors and consultants from member countries of the Islamic Conference. The list of participants includes the OPEC Fund, the Abu Dhabi Development Fund and a number of other major financial institutions.

The agenda comprises co-operation in matters of finance and discussing the topical issues. Meetings of this kind are held annually, they are designed to build a future strategy and future development plans. In addition, the relevant resolutions adopted by the conferences of the OIC and the UN will be considered at this forum. This is a special meeting to carry out the declaration adopted in 2007 and the international papers against terrorism.

The IDB reports that the meeting will be held under the patronage of Gurbanguly Berdymuhamedov, President of Turkmenistan, the country which is chairing at the Governing Council in 2008-2009.

"The fact that the 34th annual meeting is organized in Turkmenistan is a very symbolic," IDB Manager on cooperation with Turkmenistan Sobir Komilov said in his interview with "Neutral Turkmenistan" newspaper on June 1.

He said the financial crisis has not seriously affected Turkmenistan.

"I think the main reason in the though-out economic policies, denial of their time on the course of shock therapy. There is a set of meaningful reforms in the country, as well as the government actively supports the development of small and medium-sized enterprises and social sector. Today, there are all prerequisites for accelerating socio-economic development - this is significant reserves of natural resources, financial resources and a good legal framework. I especially want to mention the importance of the recent reforms in the monetary policy, in particular, very timely conducting denomination," Komilov said.

Islamic Development Bank was formed in 1975. The Turkmen media have noted that the conditions of the bank profitably differ from the principles of such European or U.S. financial institutions. The viability of the concept of the bank has been particularly evident in the recent financial crisis. IDB was awarded the highest category of reliability "AAA" and this does not have risky assets. In accordance with the rules, alternative classical "western" pattern of banking, the IDB provides more favorable conditions for partners through mechanisms such as leasing, installment loans and the division of profits.

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