IDB cumulative loan portfolio exceeds $70 bn
Baku, Fineko/abc.az. The 36th Annual Meeting of the Board of Governors of the Islamic Development Bank Group will take place in Jeddah, Saudi Arabia from 26 to 30 June.
IDB Group president Ahmad Mohamed Ali has stated that the cumulative funding by the IDB Group by December 2010 exceeded $70 billion.
"In 2010 Group’s funding reached $7 billion covering 363 operations.
The Bank allocated 40% of its funding through interest-free loans and affordable financing for programs and initiatives; 58.8% to businesses; and 1.2% for scholarships and grants to Muslim communities in non-member countries to support health and education programs among global Muslim communities,” he said.
Towards the beginning of the year, Fitch Ratings, one of the world’s largest rating agencies, raised the Bank’s long term Issuer Default Rating (IDR) to AAA and affirmed its short term IDR at F1+.
Approximately 1,000 participants are expected to attend the annual meeting to be preceded by the meeting of ministers of finance, economy and planning from 56 IDB member countries, the 276th session of Board of Executive Directors; the signing of a number of agreements with IDB member countries; a number of important seminars; and the presentation of IDB prizes to this year’s winners in the fields of Islamic banking and financial services.
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