(MENAFN - Arab News) Saudi Arabia has decided to increase its share in the Jeddah-based Islamic Development Bank's subscribed capital by 902.19 million Islamic dinars (1.2 billion), bringing its total share to 5.15 billion Islamic dinars or 6.85 billion.
Saudi Arabia is the largest shareholder in the 56-member bank that finances development projects in member countries. It is followed by Libya, Iran, Nigeria, UAE, Qatar, Egypt, Turkey, Kuwait, Algeria and Pakistan.
The decision to increase the capital share was taken by the Cabinet meeting chaired by Crown Prince Salman, deputy premier and minister of defense. The Cabinet said the new amount would be paid to the bank over 20 years beginning from 2016.
The move comes after IDB increased its authorized capital from 45 billion (30 billion Islamic dinars) to 150 billion (100 billion dinars). The capital increase will enable IDB to meet the growing development requirements of its 56 member countries.
The IDB decision was taken by its board of governors at their meeting in Tajikistan's capital Dushanbe. Minister of Finance Ibrahim Al-Assaf chaired the meeting. The Dushanbe meeting also increased the bank's subscribed capital from 18 billion Islamic dinars to 50 billion Islamic dinars.
Culture and Information Minister Abdul Aziz Khoja said the Cabinet meeting wished every success for the GCC summit that begins in Kuwait on Tuesday and hoped that the summit leaders would take important decisions for the welfare of their countries and peoples.
The Cabinet reviewed the results of the ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna on Wednesday, which decided to maintain the current production ceiling. The Cabinet described the current oil prices as suitable for producing and consuming countries and the global economy.