IsDB Provides Loans Worth over USD 124 Billion to Member Countries

IsDB Group President Bandar Hajar..

Jeddah, 19 Sha’ban 1438/16 May 2017 (MINA) – President of Islamic Development Bank (IsDB), Dr. Bandar Hajjar has offered loans at a total of USD 124.3 billion to finance 8,196 projects in 57 countries across the member states, KUNA reported.

In a press conference held on the sidelines of the 42nd annual meeting of the IsDB, currently held in Jeddah, Hajjar said that the bank spent between during the period from 14 October 2015 to 31 December 2016 about 12.2 billion dollars for financing 255 projects.

He pointed out that the latest report on the bank’s annual results is the first to be issued based on the solar calendar rather than the lunar calendar starting from January 2016.

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He added that the bank’s resources represented the largest share of the loans approved, about 55.5 percent, equivalent to USD 6.8 billion followed by the activities of the International Islamic Trade Finance Corporation by 36.7 percent, equivalent to USD 4.5 billion.

The IDB was founded in 1973 by the Finance Ministers of Organisation of Islamic Cooperation (OIC). The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities in accordance with the principles of Shari’ah.
(T/RS5/RS1)

Mi’raj Islamic News Agency (MINA)