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IDB Board of Directors adopted some issues in Baku meeting

Business Materials 24 June 2010 15:18
The Islamic Development Bank (IDB) Board of Directors mulled and approved some issued included in the agenda of its 35th annual meeting ongoing in Baku on June 23 and 24.

Azerbaijan, Baku, June 24 / corr Trend N.Ismayilova /

The Islamic Development Bank (IDB) Board of Directors mulled and approved some issued included in the agenda of its 35th annual meeting ongoing in Baku on June 23 and 24.

The third working session considered the IDB 35th annual repot for 2009-2010.

"The IDB Managing Board adopted Nigeria's appeal to increase subscription for participating the bank's capital to 8.6 percent," Azerbaijani Minister of Economic Development Shahin Mustafayev said.

In his remarks the bank's manager from Nigeria thanked the IBD Managing Board, promising that Nigeria will hence fulfill its commitments.

"The board adopted changes related to issuing 5 percent, including no less than $5 million out of the IDB net profit to rendering technical assistance to grant operations, and issuing 2 percent, including no less than $2 million out of the IDB net profit to financing scholarship programs," Mustafayev said..

The session appointed new chairman of the managing board and his two deputies. Manager from Yemen became the chairman of the managing board and his deputies are from Guinea Bissau and Palestine. Members of the Managing Board were elected from Azerbaijan, Oman, Guinea and Sudan.

The meeting decided to hold the 39th annual meeting of the IDB Managing Board in Tajikistan and the 36th annual meeting of the IDB Managing Board in Yemen.

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