2004 News Story

Finance minister attends IDB meeting in Tehran

Minister of Finance Dr. Ibrahim Al-Assaf addressed in Tehran today the 29th meeting of the Islamic Development Bank (IDB), and highlighted Saudi support for Islamic economic cooperation. He commented on Saudi Arabia’s continued support for IDB, which is headquartered in Jeddah, and the Saudi proposal to substantially increase its capital to enable it to better serve its 55 member countries.

In his address, IDB President Dr Ahmed Mohammed Ali referred to this proposal, submitted by Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah bin Abdulaziz to the Organization of the Islamic Conference (OIC) at its 10th Summit in Malaysia, and described it as highly significant in its potential to enhance cross-country investment and expand trade exchanges among the member countries. Total finances accredited by the bank last year, he said, amounted to almost U.S. $ 4 billion, an increase of 10.2 percent over the previous year, while diversification of the bank's activities led to the increase of its members from 22 to 55. IDB’s strategy consists of three goals: alleviating poverty; enhancing cooperation among member states; and developing Islamic finance institutions.