Azerbaijan, Baku, Nov.21/ Trend, N.Ismayilova /
Commencing its new term, the 279th meeting of the Board of Executive Directors of the Islamic Development Bank convened Sunday, which discussed implementation of new projects in member countries, the bank's official website reported on Monday.
The Board's 13th term will continue for a 3 year period.
The Islamic Development Bank is comprised of 56 member countries who are all represented at the Board of Executive Directors . The Kingdom of Saudi Arabia, Libya, Iran, Kuwait, Egypt, U.A.E, Qatar, Turkey and Nigeria are the nine permanent members on the Board of Executive Directors while the rest of the members are represented by 9 other elected members currently from Bangladesh, Burkina Fasso, Tunisia, Ivory Coast, the Kingdom of Oman, Malaysia, Mozambique, Palestine and Kazakhstan.
A number of administrative and technical reports feature on the agenda of the current meeting amongst them; the Bank's medium term program, the new balance sheet for the fiscal year 2012, the proposed operation plan for the new fiscal year, the report on the Bank's operations for supporting youth employment in Arab countries as well as new financings for development projects.
Azerbaijan has been an IDB member since 1992. Today, the IDB portfolio in the country has reached $700 million. The IDB changed their approach to financing projects in Azerbaijan by increasing the maximum amount of credit allocated for one project nearly five times. Earlier, the limit of financing a project was set between $30-40 million by the IDB. The bank can now allocate up to $150 million.