Islamic world eager to increase inter-trade to 13 percent

Chairman of the Islamic Development Bank (IDB) Mohammed Ali said Islamic Countries are eager to increase Inter-Trade from 10 percent to 13 percent within the coming three Years, Kuwaiti news agency "Kuna" reported.

At a meeting with the team appointed to discuss increasing Inter-Trade, the IDB chief voiced hope the Team will be able to achieve the goals set by the Islamic Bank to confront challenges facing islamic Finance and Economy.

The team was appointed to study development of inter-trade among the Islamic countries following a resolution adopted by the last Islamic summit held in Tehran.

The summit called for boosting economic, trade and financial cooperation among Islamic Countries and stressed the need to expand Investments between islamic countries.

The Islamic Development Bank is one of the pillars in strengthening social and economic development plans in member countries.

Since its Establishment in 1975, the IDB provided $20 Billion U.S. of loans to member countries. Thirteen Billion U.S. Dollars of these Loans were used to finance inter-islamic transactions.