The 35th annual meeting of the Islamic Development Bank (IDB) in the Azeri capital of Baku that opens on Wednesday is being held amid new resolve to promote bilateral partnership with member countries, expand the scope of cooperation with global institutions and forge partnerships between the public and private sectors.
This resolve saw the bank approving finance packages of nearly $7.25 billion until the end of Dec. 17, 2009 for 457 operations.
This financing was an increase of 29 percent over that of 2008, says a document issued by the bank to mark the annual meeting which will be inaugurated by the president of Azerbaijan, Ilham Aliyev, and attended by the ministers of finance, economic affairs and planning of the 56 member countries of the IDB Group.
According to an official of the bank, nearly 1,000 officials representing regional and international financial institutions, Islamic banks, national development finance institutions and federations of contractors and consultants of OIC member countries will attend the meeting and side meetings.
The official said the increase in financing was in line with a resolution of the IDB board of governors adopted last year to double the IDB Group's annual rate of financing to reach 30 percent annually over a period of three years i.e. from 2009 to 2011. Such a move is in line with the bank's effort to allocate more resources designed to increase economic development in member countries and to help the latter deal with the global economic crisis.
Various affiliates of the IDB Group will also hold their annual meetings in Baku. Besides, a number of events will also take place alongside the meetings. Notable among them is the annual symposium with the theme of "Achieving Food Security in a Post-Crisis World."
A number of eminent economists are expected to participate in the symposium to discuss ways of addressing the repercussions of global financial crisis on efforts to ensure food security in IDB member countries.
The board of governors will consider the bank's 35th annual report, approve its audited accounts, its programs and its specialized funds. The board will also appoint external auditors for the next financial year. It will also consider the percentage allocated from the bank's net income for technical assistance and the Merit Scholarship Program for member countries.
source : Arab news