31.07.2011, Jeddah, KSA – Islamic Development Bank’s Board of Executive Directors convened their 277th meeting on Sunday at IDB headquarters in Jeddah.
Chaired by IDB Group President Dr. Ahmad Mohamed Ali, the meeting reviewed the cables received from the Custodian of the Two Holy Mosques and HRH the Crown Prince in response to IDB Group President’s cables of thanks to them for the hospitality and excellent arrangements accorded to the participants of the 36th Annual Meeting of the IDB Board of Governors held in the city of Jeddah last June.
The current meeting has already approved a US$ 1 million in emergency relief to the victims of the ongoing drought in Somalia in addition to US$ 1 million relief grant approved last April for the country.
The board members are also discussing various development financing and technical assistance proposals in IDB member countries as well as educational and health grants and assistance programs for Muslim communities in different parts of the world.
The board is to review ways and means for disbursing the US$ 250 million earlier approved by the Bank for creation of job opportunities for the youth in IDB member countries which are undergoing economic, social and political developments due to lack of employment opportunities.
Also featuring on the agenda is a progress report on implementation of the 5-year US$ 1.5 billion financial support program for IDB’s least developed member countries suffering from global food crisis. A report on the Bank’s cooperation with the Turkish-based SESRIC (Statistical, Economic and Social Research and Training Center for Islamic Countries) on scholarships and capacity building in finance, economy and trade is to be reviewed at the session, as well.
During this meeting, the Federal Republic of Nigeria is for the first time represented by its Executive Board Member (thus increasing the number of Members of the Board of Executive Directors of the Bank to 18) since the country raised its registered capital with the IDB to nearly US$ 2.22 billion.