IDB board of governors concludes deliberations
Regional-Syria, Economics, 12/4/1997

The 22nd annual meeting of the governors board of the Islamic Development Bank and the meetings of IDB executives were wrapped up with a number of decisions, recommendations and significant agreements which may positively reflect on the member countries.

The total loans and donations that were offered to member countries stood at $210 million, of which Syria's share was some $11 million.

Syrian Economy Minister Dr. Mohammad lmadi noted that the IDB has given Syria $276 million so far. He said he considered the setting up of a "basic infrastructure fund" for infrastructure projects as one of the most important decisions taken by the council of governors, because it will pave the way for the Bank to draw funds from the private sector and markets to finance infrastructure projects such as energy and roads. A sum of 1.5 billion dollars was allocated to the fund.

The recommendations focused on the importance of boosting cooperation among member countries and urging them to create free trade zones so as to face the challenges of globalization. The IDB's 8th annual symposium was on preparing the Islamic nations for the 21st century and the effects of the Uruguay Roundtable and World Trade Organisation on IDB member states.

Al-Imadi said that the Islamic nation along with its characteristics can have a balanced economic and trade policy and can firmly confront the challenges of the 21st century. Within the same context, the Union of the Chambers of Commerce and the Damascus Chamber of Commerce with the participation of the IBD held a symposium aimed at acquainting the Syrian sector with the IDB activities and its financial resources.

Previous Stories:
  Syrian economy booms   (12/3/1997)
  IBD invests in Lebanon   (11/29/1997)
  Islamic Development Bank meet today in Damascus   (11/25/1997)

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