ICD encourages members to accelerate capitalization

Business Materials 24 June 2010 15:06 (UTC +04:00)

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

The Tenth Annual General Assembly of the Islamic Corporation for Private Sector Development (ICD) was held in Baku June 24 within the Thirty-Fifth Annual Meeting of the Islamic Development Bank (IDB) Board of Directors, which adopted a number of issues on the agenda.

The meeting approved financial statements for the corporation's activities in 2009 and elected PricewaterhouseCoopers as the external auditor. The sides also discussed increasing the corporation's share capital from $1 billion to $2 billion and subscribed capital from $500 million to $ billion. The decision to increase the capital was confirmed at the corporation's last meeting in Ashgabat.

"Raising the capital was a response to the global financial crisis that will allow us to conduct more operations in member countries," ICD CEO Khaled Al-Abudi said."More than 60 percent of the shares have already been signed."

The ICD was founded in 1999 and is located in Jeddah. The ICD supports economic development in member countries by promotimg private sector development.

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