Pan-Islamic Body Increases Bank's Capital

The Islamic summit, held over the weekend in Doha (Qatar), decided to increase the capital of the Jeddah-based Islamic Development Bank (IDB).

The move brings up IDB capital to 6 billion Islamic Dinar (1 Dinar equals one special drawing right of the International Monetary Fund). The bank's subscribed capital was also increased to 4.1 billion Islamic Dinars.

The decision is meant to held IDB multiply projects in Islamic world.

Incepted in 1975, IDB disbursed $ 25 billion to finance projects related to human, industrial and commercial development in member states and for Islamic communities in non-member states. Morocco received $ 1.6 billion in this financing.