1997 News Story

IDB sets up two new programs

The Islamic Development Bank (IDB) has initiated two programs worth U.S. $ 9.72 billion for the purpose of helping finance import and export trade transactions among its member states.   The IDB has also set up a capital portfolio of U.S. $ 252 million covering twenty-two Islamic banks.  In addition, it has established an investment shares fund in collaboration with fifty Islamic banks in order to facilitate its participation in the economic development of its member states by financing their small and medium scale projects.  Also established for the benefit of member states is the Islamic Organization for Investment Guarantees and Export Insurance with a capital of U.S. $ 145 million.