Increasing capital of Islamic Development Bank to $8 billion

The board of directors of the Islamic Development Bank (headquartered in Saudi Arabia) decided to increase the bank's capital to $8 billion due to the number of Islamic states that are join its membership, like the Islamic republics in the former Soviet Union and some countries in Eastern Europe as well as Central Asia.

The bank presented $20 billion dollars during the last year to finance 3,000 projects for 53 countries and Islamic societies, most of which was specified for basic infrastructure projects like roads, bridges, transportation, communications, schools, hospitals, harbors, airports and electric stations without interest and with allowance periods of between 3 and 10 years and payment periods of between 16 and 30 years.