2001 News Story

IDB celebrates 25 years

The Islamic Development Bank (IDB), which is celebrating its 25th anniversary, has issued a report on the implementation of the resolutions of the Arab Summit pertaining to the establishment of the Al-Aqsa and Intifada funds with financial resources amounting to one billion U.S. dollars in line with the proposal of Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah bin Abdulaziz, having been assigned to set statutes and regulations for the progress of work for the funds. The Muslim states' commitments amount to $693 million, but the sums actually paid are only $311.5 million. Moreover, the IDB has faced certain obstacles, including the frequent sieges imposed by the Israeli authorities on the Palestinian cities, failure of certain parties to cooperate with the machineries of the two funds, and difficult working conditions. In order to overcome these, the IDB has proposed broadening the network of the executive authorities.

Meanwhile, Governor of Makkah Province Prince Abdulmajeed bin Abdulaziz inaugurated in Jeddah yesterday the first international Islamic commercial exhibition. The show, organized by the Jeddah Chamber of Commerce and Industry on the occasion of the 25th anniversary of the establishment of the Islamic Development Bank (IDB), embodies the spirit of Islamic solidarity. Over 40 Muslim countries are participating in the six-day event. Prince Abdulmajeed noted that the economic sector constitutes the cornerstone in a nation's life, adding that although in this era of globalization all doors are open for free enterprise and the flow of the capital, urgent measures are need to enable Muslim countries to face the new developments as a coherent group. He pointed out that development of trade exchanges among Muslim countries has become a permanent topic on the agendas of the Islamic summit conferences. The Muslim world, he said, owns human resources and scientific potential that will allow it to confront all challenges. He praised the IDB for boosting economic and social development in its member states and assisting Muslim communities in the non-member states. He concluded by drawing businessmen's attention to the fact that what is crucial is good quality and competitive prices.