IDB Board of Governors concludes annual meeting in Jeddah
June 27, 2014
The Board of Governors of the Islamic Development Bank (IDB) concluded its annual session in Jeddah yesterday, thanking the Kingdom for hosting the meeting that marked the IDB’s 40th anniversary. The Saudi delegation included Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf, who is Chairman of the Board of Directors of the IDB.
During the meeting, a number of important decisions were issued, including the organization’s proposed ten-year strategy. In addition, IDB President Dr. Ahmad Mohamed Ali announced the official launch of the Bank’s 2nd Infrastructure Fund, with $2 billion in capital. The Saudi Public Pension Agency and Public Investment Fund, the Bahraini Ministry of Finance, and the Brunei Ministry of Finance are contributing to Fund as founding members.
Also during the proceedings, the IDB signed a number of financing agreements to fund new development projects in 21 member states at a total cost of $2.45 billion.