Islamic Development Bank approves $1.4 billion in grants to Islamic countries

The Islamic Development Bank (IDB) will grant this year $1.4 billion in financial assistance destined to finance transactions among Islamic countries, the bank's chief said.

He said the grants will serve to bolster the private sector in the Islamic world.

The IDB chief added that the Islamic Development Bank approved the grants in conformity with the resolutions adopted by the latest Islamic summit, which called for fostering trade among Islamic countries.

Islamic heads of state have called for the development of trade exchange among Islamic countries and for the increase of the inter-Islamic investments to counter globalization challenges.