Azerbaijan, Baku, June 7, Trend /
Preparations are underway to hold the 35th Annual Meeting of the Islamic Development Bank in Baku, Azerbaijan during the period 23-24 June 2010, where Ministers of Finance, Economy, and Planning will attend the Meeting on behalf of the (56) member countries.
The Annual Meeting, expected to be inaugurated by the President of Azerbaijan, will consider a number of vital topics on the agenda including consideration of the Thirty-fifth Annual Report of IDB 1430H (2009-2010), request of the Federal Republic of Nigeria to increase its subscription to the Capital Stock of the Islamic Development Bank, allocation of 5% (not less than US$ 5 million) from IDB's net income expected for the Financial Year 1431H for Technical Assistance Grant Operations, allocation of 2% (not less than US$ 2 million) from IDB's net income expected for the Financial Year 1431H for the Merit Scholarship Program, invitation extended by the Republic of Tajikistan to host the Thirty-ninth Annual Meeting of the IDB Board of Governors, date and Venue of the Thirty-sixth Annual Meeting of the IDB Board of Governors, scheduled to be in Yemen.
The IDB Annual Meeting, considered to be the sole economic forum for the South-South member countries, will host under its umbrella a number of meetings, forums, seminars, and the IDB annual symposium under the title " Achieving Food Security in Member Countries in Post-Crisis World."
The IDB Board of Executive Directors will hold its (268) session were a number of new developmental projects for member countries and communities in non-member counties will be approved. The same Board will also preside over the Islamic Solidarity Fund for Development (ISFD) Meeting, an endowment fund with a capital of US$10 billion which aims at providing concessional financing for the Least Developed Member Countries (LDMC).
Furthermore, over (35) financing agreements will be signed during the Meeting with various IDB Governors, in addition, to awarding of IDB prizes in the fields of science and technology, Islamic economics, and women contribution to development.
It is worth mentioning that the IDB entities will also hold their annual meetings starting with the Islamic Corporation for the Development of the Private Sector (ICD), the International Islamic Trade Finance Corporation (ITFC), and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
Other side meetings include Al Aqsa and Al Quds Fund, the ICD investment forum, the ITFC Meeting to enhance the Road Map to develop the Intra-OIC Trade, and special meeting of the IDB African Governors Group on the Special Program for the Development of Africa (SPDA).