IDB opens annual meeting tomorrow

IDB opens annual meeting tomorrow

JAKARTA (JP): Members of the Islamic Development Bank (IDB) will discuss the multinational bank's expansion plans at its 20th annual meeting, which begins here tomorrow.

In the two-day meeting, the bank's board of governors, drawn from its 48 member-countries, will also review the bank's financing operations during the 1994-1995 financial year, IDB president Osama Jaafar said yesterday.

As of this month, the IDB's total financing exceeded US$17 billion, allocated for the co-financing of 2,300 operations and projects in the fields of infrastructure, foreign trade and technical assistance in its member-countries.

The IDB also made non-refundable grants of $435 million to finance 340 projects in the fields of education and health in 58 Muslim communities in non-member countries.

Osama was quoted by Antara as saying that the IDB should raise the amount of its financing to make its existence more helpful to Muslim people around the world.

During the meeting, the board is scheduled to approve the audited statement of accounts of the bank's long-term trade financing scheme for 1994-1995, the audited statement of accounts of the bank's portfolio for 1994-1995, the audited statement of accounts of its investment fund for 1994, the 21st annual report of the bank for 1994-1995 and its closing accounts for 1994-1995.

Other main items on the agenda are the election of a new president to replace Osama, who has been appointed Saudi minister of commerce, and Mozambique's application for membership of the bank.

Preceding the IDB meeting, the board of directors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) held its fifth meeting yesterday.

The IDB owns 50 percent of the ICIEC, while the IDB's member- countries own the remaining 50 percent.

Yesterday's meeting approved the application of Algeria to join the corporation.(08)