IDB PRESIDENT: I HOPE AZERBAIJAN WILL DEEPEN COOPERATION WITH IDB MEMBER-COUNTRIES
Baku, June 19 (AZERTAC). President of the Islamic Development Bank, IDB, Ahmed Mohammed Ali, who arrived in Baku to attend the 35th annual meeting of IDB Board of Directors, has expressed hope the gathering will create an opportunity for Azerbaijan to further boost cooperation with IDB member-nations.
In an interview with journalists, the IDB President said his organization was interested in expanding relationship with all financial institutions of Azerbaijan, including private ones.
He praised business climate in the country, describing it as “attractive for foreign investors”. The IDB chief praised Azerbaijan`s economic progress. He said: “We will try to take the advantage of the Baku meeting to attract investors from IDB member countries to the country.”
Mohammed Ali thanked president thanked Azerbaijani President Ilham Aliyev for his contribution to holding the IDB`s annual gathering in Baku, which will bring together over 850 representatives from 56 countries.
The event will consider a number of vital topics on the agenda including consideration of the Thirty-fifth Annual Report of IDB 1430H (2009-2010), request of the Federal Republic of Nigeria to increase its subscription to the Capital Stock of the Islamic Development Bank, allocation of 5% (not less than US$ 5 million) from IDB`s net income expected for the Financial Year 1431H for Technical Assistance Grant Operations, allocation of 2% (not less than US$ 2 million) from IDB`s net income expected for the Financial Year 1431H for the Merit Scholarship Program, invitation extended by the Republic of Tajikistan to host the Thirty-ninth Annual Meeting of the IDB Board of Governors, date and Venue of the Thirty-sixth Annual Meeting of the IDB Board of Governors, scheduled to be in Yemen.
The IDB Annual Meeting, considered to be the sole economic forum for the South-South member countries, will host under its umbrella a number of meetings, forums, seminars, and the IDB annual symposium under the title "Achieving Food Security in Member Countries in Post-Crisis World."
The IDB Board of Executive Directors will hold its (268) session, a number of new developmental projects for member countries and communities in non-member counties will be approved. The same Board will also preside over the Islamic Solidarity Fund for Development (ISFD) Meeting, an endowment fund with a capital of US$10 billion which aims at providing concessional financing for the Least Developed Member Countries (LDMC).
Furthermore, over 35 financing agreements will be signed during the Meeting with various IDB Governors, in addition, to awarding of IDB prizes in the fields of science and technology, Islamic economics, and women contribution to development.
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