(MENAFN - Saudi Press Agency)
Tunis, Rajab 17, 1439, Apr 3, 2018, SPA -- Mohammed Al-Jadaan, Minister of Finance, will head the Kingdom's delegation to the 43rd Annual Meeting of the Board of Governors of the Islamic Development Bank between April 4-5 in Tunis, Tunisia.
The Saudi delegation will include Dr. Ahmad Al-Khulaifi, Governor of the Saudi Arabian Monetary Agency (SAMA), Dr. Hamad Al-Bazie, Vice Minister of Finance, Eng. Yousef Al-Bassam, Vice President and Managing Director of the Saudi Fund for Development (SFD), in the presence of specialists from the Ministry of Finance, SAMA and SFD.
The IDB annual meeting's agenda will comprise of discussion sessions about the 2017 IDB activities report, IDB's institutions annual report, the Islamic Solidarity Fund for Development (ISFD), in addition to other topics related to the activities of the Islamic Bank and its affiliated institutions and programs.
The Islamic Development Bank (IDB) Group includes the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), the International Islamic Trade Finance Corporation (ITFC), and the Islamic Solidarity Fund for Development (ISFD).
The Islamic Development Bank (IDB) is an international financial development institution which aims to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari'ah i.e., Islamic Law. The Bank contributes to infrastructure projects and provides technical assistance to the member countries including foreign trade development; as well as providing financial assistance to Muslim communities in non-member countries. It finances its projects through Shari'ah compatible modes, such as: loans, leasing, credit sale, equity capital participation, financing of appropriations, etc. It is also charged with the responsibility of promoting trade among member countries via the International Islamic Trade Finance Corporation (ITFC), and supporting the private sector development in member countries by facilitating trade and investment among them through the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). Furthermore, IDB group has established the Islamic Corporation for the Development of the Private Sector (ICD), which aims to achieve economic growth in member countries by developing and strengthening the private sector.
Reducing poverty is considered one of the main objectives of IDB group. To fulfil that goal, The Bank established a special fund under the name " the Islamic Solidarity Fund for Development (ISFD)". ISFD aims to alleviate poverty, develop capacity, and eradicate illiteracy, diseases and epidemics in member countries via funding various productive, social and service projects and programs.
20:31 LOCAL TIME 17:31 GMT