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Wednesday 10 Jun 2015 - 17:55 Makkah mean time-23-8-1436
 Maputo (IINA) - The Islamic Development Bank (IDB) has decided to raise the ceiling for the bank’s special program for issuing medium-term sukuk (Islamic bonds) from $10 billion to $25 billion. The decision was taken by the 305th session of the Executive Directors of IDB, held in Maputo, Mozambique, on Tuesday.
The two-day 40th annual meeting of the Board of Governors of Islamic Development Bank (IDB) Group began in Maputo Wednesday. Filipe Nyusi, president of Mozambique, opened the event in the presence of ministers of finance, economy and planning of IDB member states as well as senior officials of Mozambique.
Dr. Ahmad Mohamed Ali, president of IDB, said that this is the first time the meeting of the IDB Board of Governors is taking place in the southernmost part of Africa, to underscore IDB’s priority in its development programs and plans. “The Board of Governors is the highest policy-making body of the IDB Group comprising ministerial representatives of IDB’s 56 member countries, and it meets each year to review the activities of the Bank and decide on future policies. The Board meeting also coincides with the annual meetings of major affiliated bodies of the Group, including 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 meetings will also be attended by a large number of representatives of the public and private sectors in member countries, international and regional financing institutions, Islamic banks, the federations of contractors and consultants as well as national development banks and funds from the member countries.
HA/IINA
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