IDB governors approve creation of institution for promotion of private sector
Regional, Economics, 11/10/1999

The Islamic Development Bank (IDB) on Tuesday said its council of Governors approved the creation of an Islamic institution for the promotion of the private sector with a capital of one billion dollars.

IDB Chairman said in a statement to Kuwaiti News agency KUNA the institution is expected to start work early next April.

He urged Islamic states, which have not yet signed the institution agreement and have not underwritten in its shares to do so as soon as possible to allow the institution to operate.

A total of 25 states signed the agreement at the end of the closing session of the IDB council of Governors. Other states are expected to sign in the coming few days.

The IDB's council of executive Directors had endorsed the plan at a meeting held in Islamabad during celebrations of the IDB Silver Jubilee.

Previous Stories:
  Islamic bank to boost projects for Muslim communities in non-Muslim countries   (11/3/1999)
  Islamic finance ministers meet in Jeddah   (11/2/1999)
  Islamic development bank marks 25 years of achievements   (10/18/1999)

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