Islamic Development Bank increase bank's capital

The Board of governors of the Islamic Development Bank decided on Thursday to increase the bank's capital from $ 5.6 billion to 7.5 billion.

The governing board also decided to increase the number of executive directors of the bank from 11 to 14, including seven permanent directors, to be named by the main contributors, and seven other to be elected by the member states.

The bank's Chairman, Ahmed Mohammed Ali, told the final session, the bank would spare no efforts to prepare the 53 member states for the upcoming globalization challenges.

To realize this objective, the bank has formed three working teams, specialized in commerce, health and fight against illiteracy, to prepare the Islamic nation for the next century's challenges in accordance with resolutions of the 8th Islamic summit, held in the Iranian Capital, Teheran, in 1997.

The board decided further to hold the next two meetings in Saudi Arabia and Lebanon.