Yemen to Host Islamic Development Bank Meeting

Yemen will host the thirty-sixth meeting of the Islamic Development Bank group at the end of next June, it was announced this week.  The event is an annual gathering held each year in an Islamic country internalized within the framework of the Islamic organization, consisting of 56 states.

Khalid Abdul-Aziz al-Nazer, Chairman of the Committee on information services for the meeting said commented that the gathering will convene in the capital, Sana’a from 26 to 30 June 2011 at the request of the Republic of Yemen.

Nazer pointed out that the meeting is being held for the first time in Yemen, and it is a great opportunity, since more than 100 high-ranking economic decision-makers will present, including ministers and governors of banks.

He also reported that the meeting will be accompanied by a number of other meetings including the meeting of the Governors Board of the Foundation.

As well, the occasion will witness the meeting of the Board of Governors of the Islamic Solidarity Fund for Development, in addition to the meeting of the General Assembly of the Islamic Foundation for the development of  the private sector, and the General Assembly for the International Islamic Trade and Finance .

In the meantime, the annual event is an occasion for meetings of the General Assemblies of the institutions’ from the Islamic world, such as  the Federation of National Institutions for financing  development in the member states in the Islamic Development Bank, the Federation of Consultants from Islamic countries, the Contract Union of Islamic countries, and the Islamic Centre for Reconciliation and Arbitration.

Nazer said that the meeting in Yemen will coincide with the election of the Bank directors, who are nine in total. It is worth mentioning that 35 agreements will be signed, and that Yemen joined the Islamic Development Bank in 1977.

The total subsidy from the Islamic Development Bank for the country is 276.300 million Islamic dinars which is distributed in development -facilitated loans, which consist of assistances and grants, in addition to $351.7 million Islamic dinars as commercial loans.

The loans offered by the Islamic Bank for Development reached 261.9 million Islamic dinars by the end of 2008 for a total of 46 development projects. 31 projects have been completed and implemented which developed the electricity sector, water, agriculture, roads, fisheries, as well as the public health sector, education and the syndicated loans sector.

The Bank has provided loans to the factories in the amount of one million Islamic dinars.  Considering the bank commitments during the donor conference in London, delegates resolved that the bank would provide up to 50% of the $101 million pledged for the implementation of projects under the Third Five-Year Plan.

The Islamic Bank for Development has as its stated aim the support of economic development and social progress in its member states, and of peoples and Muslim communities in non-Member States, collectively and individually, in accordance with the principles of Islamic law.

The bank provides various development assistance to finance trade and combat poverty through human development, economic cooperation, and strengthening the role of Islamic finance in economic and social development.

Also, the Bank embarked on a new mission to establish and operate special funds for new purposes, including a fund for assistance the Muslim communities in non-member States.