Jeddah, KSA, 15.07.2012 – The 284th Session of the Board of Executive Directors of the Islamic Development Bank (IDB), which commenced on Sunday at the IDB headquarters is expected to discuss and finalize financing approvals for a number of strategically important projects in member countries as well as grants in the education sector for Muslim communities in selected non-member countries.
Chaired by IDB Group President Dr. Ahmad Mohamed Ali, the meeting will review a progress report on the proposed Mega Bank for which a tripartite MoU was signed earlier between the Government of Qatar, the Dallah Al Baraka Group, and the IDB. The establishment of this institution is expected to accelerate development financing as well as liquidity management in the area of Islamic financing. The Board will also review a progress report on the implementation of the Bank’s plan for supporting youth
employment in Arab countries for which an amount of US$ 250 million has been allocated. Earlier, the Board Meeting was preceded by meetings of various committees that came up with a series of financial, operational and investment decisions.