Jeddah, 26.12.2009 : The President of the Islamic Development Bank Group, Dr. Ahmad Mohamed Ali stated that the Board of Executive Directors endorsed, during its last meeting at IDB headquarters in Jeddah, a Medium Term Program for 1431-1433H (2010-2012G).
“ Under this three year program the Bank will extend some (US$ 11.5) billion from its ordinary capital resources to finance development projects” Dr. Ali said.
“The approval of this program is a part of a 9 year transformation roadmap towards realizing Vision 1440H. (2020G.) which was developed by a high commission composed of a number of dignitaries in Islamic world . The commission chaired by Dr. Mahathir Mohamed the former Prime Minister of Malaysia, aimed through the strategy to transform IDB into an international-scale development institution ” he added.
Dr. Ali explained that the Medium Term Program (1431-1433) is the first stage of the transformation roadmap, thus it is crucial in addressing the foundation condition to enhance IDB Group capacity as a strategy focused organization. The program will focus on human capital development programs , develop agriculture, education sectors, and enhance infrastructure through a new strategy based on partnerships with member countries.
“IDB will continue to strengthen its role to further promote the development of Islamic financial sector through the development of Islamic Capital Markets and establishing institutions for supporting the poor” Dr Ali said.
The Board approved the Administrative Budgets of the Islamic Research and Training Institute (IRTI) and Trust Funds for the year 1431H (2010G).
It also approved US$ 371 million for Turkmenistan to participate in establishing a railway project of 257 km. The project is a part of a 936 km railways network connecting three member countries i.e., Kazakhstan, Turkmenistan and Iran. The aim of the project is to enhance economic and trade cooperation between the three countries and Central Asia region in general.