The
IDB has worked in many villages in its areas of operation, and has always demonstrated how localization helps in benefiting from Islamic finance.
The second day of the meetings will witness the meetings of the Supreme Council for the Funds of Al Aqsa and Al Quds, third sessions of
IDB Board of Governors, 23rd meeting of the Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit, the ninth annual meeting of the Board of Governors of the Islamic Solidarity Fund, the sixteenth meeting of the Assembly of Islamic Cooperation for the Development of the Private Sector, the 11th meeting of the Genereal Assembly of the International Islamic Trade Finance Corporation, as well as closing session of the
IDB annual meetings.
Dr Ahmad Mohammed Ali reiterated his resolve that the
IDB was ready to play its role to help Pakistan in enhancing its relations with the Islamic world.
The
IDB is a multilateral development financing institution located in Jeddah, Saudi Arabia.
Building on the successful track record of
IDB Fund I, the
IDB and founding investors are nearly tripling the size of the
IDB Fund II to $2 billion," Ahmad Mohammad Ali said.
The Finance Minister also thanked
IDB for financing Neelum Jhelum Hydropower Project and hoped that the project whose cost had tripled due to neglect of the previous government would be completed by 2016 as Prime Minister Nawaz Sharif was taking personal interest.
The importance of
IDB financing to African member countries is further highlighted in the Bank's latest approvals of $789.
The
IDB delegation asserted the Bank's keenness on presenting all kind of support required to back the stability in Yemen.
During the late 1980s end early 1990s,
IDB Communications emerged as a rising giant in the telecommunications industry, giving chase to telecommunications heavyweights AT&T Co.
Of the total sum, seven are grants from the Waqf Fund and were approved by
IDB President Dr.
Earlier in the week, the Finance Ministry completed negotiations with the
IDB regarding the US$300 million Liquidity Program for Growth Sustainability.
IDB membership also confers membership in other institutions such as the Inter-American Investment Corporation and Multilateral Investment Fund.
