Jeddah, The members of the Board of Governors of the Islamic Development Bank approved a sixth general increase in the bank’s capital of 5.5 billion Islamic Dinars ($8 billion), which leads to an increase in the subscribed capital of the bank from 50 to 55.5 billion Islamic Dinars ($80.17 billion).
Bandar Hajjar, President of the Islamic Development Bank Group informed the 338th regular meeting of the Bank’s Board of Executive Directors here today of the move, indicating that this historic step came in response to the decision of the Islamic Summit Conference, during its fourteenth regular session, in Makkah, calling in its closing statement for member states to approve a considerably significant increase, in the bank’s capital.
Hajjar expressed thanks and appreciation of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, HRH Crown Prince, the Kingdom’s government
– the headquarters country – and the leaders of the Organization of Islamic Cooperation member states for their generous initiative to support the bank, he concluded.
Source: Saudi Press Agency