IDB head expresses hope to strengthen cooperation between Azerbaijan and other member-countries

Business Materials 19 June 2010 15:47 (UTC +04:00)

Azerbaijan, Baku, June 19 / Trend N. Ismayilova /

President of the Islamic Development Bank (IDB) has expressed the hope that the cooperation between Azerbaijan and other member-countries of the IDB will be further developed and new success will be achieved within the 35-th annual meeting of the board of directors of the bank. The meeting will be held in Baku in June.

"We look forward to intensifying cooperation between the IDB, financial institutions and the private sector in Azerbaijan", the IDB President Ahmad Muhammad Ali said upon arrival in Baku today.

"This will be the annual meeting of the IDB, which will bring together 56 countries-members of the bank. Certain decisions are expected to be made within it. The bank's activity will be assessed", the IDB head said.

Several important issues will be solved at the annual meeting.

These isues include the 35-th annual report of the IDB for 2009-2010, Nigeria's request to increase subscription to participate in the capital of the IDB, allocation of 5 percent (not less than $ 5 million) from net income of the IDB to provide technical assistance for implementation of grant operations, allocation of two percent (not less than $ 2 million) from net income of the IDB to finance the scholarship program, an invitation of Tajikistan to hold the 39-th annual meeting of the IDB Board of Governors, as well as the date and venue for the 36-th annual meeting of the IDB Board of Governors, which is scheduled to be held in Yemen.

As a part of the annual meeting of the IDB, the annual symposium entitled "Achieving of food security in member-countries in post-crisis world" will be held.

During the meeting, the IDB Board of Directors will approve a number of new projects in development for member-countries and societies in countries-non-members.

Furthermore, the board will preside at a meeting of Islamic Solidarity Fund for Development (ISFD) of a charitable fund with a capital of $10 billion. It aims to provide concessional financing for the least developed member-countries.

More than 35 financing agreements will be signed during a meeting of representatives of the IDB with various managers. Prizes of the IDB will be given in the areas of science and technology, the Islamic economy and in the field of women's contribution to development.

The annual meetings of the Islamic Corporation for the Development of the Private Sector (ICD), International Islamic Trade Finance Corporation (ITFC) and the Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) will also be held.