ID :
129462
Thu, 06/24/2010 - 13:35
Auther :
Shortlink :
https://oananews.org//node/129462
The shortlink copeid
Al Tayer heads UAE delegation to 35th IDB Board of Governors meeting in Azerbaijan
Obaid Humaid Al Tayer, Minister of State for Financial Affairs, heads the UAE delegation to the 35th Annual Meeting of the Islamic Development Bank (IDB) Board of Governors to be held on 23rd and 24th June 2010, Baku, Azerbaijan.
The delegation includes Younis Haji Al Khoori, Director General of the Ministry of Finance, Khalid Ali Al Bustani, Executive Director of International Financial Relations Sector, Al Hamdan Ahmed, Director of the International '&' Regional Financial Organisations Department at MoF and other specialists. UAE's participation confirms its desire to strengthen financial relations with international and regional financial organisations and institutions.
IDB Group intends to adopt many important decisions during the meeting, including the election of its new president for the next five years and forming its Board of Executive Directors. Its members will increase from 9 to 18 with 9 new members being assigned and the rest elected. UAE has a permanent seat in the Board of Executive Directors, a role performed by Abdul Aziz Al Zaabi, CEO of Real Estate Bank. The meeting will address the request made by the Federal Republic of Nigeria to increase its share in IDB to 8.65% and approve increasing its subscribed capital from 16 to 18 billion Islamic Dinars to accommodate the Nigerian request.
Participants will discuss allocating 5% of the expected net income of IDB in 2010 (at least 5 million US dollars) to technical assistance operations and the allocation of 2% of the net income (at least 2 million US dollars) to scholarship programmes for gifted students.
Commenting on UAE's participation, Al Tayer said: "We will continue our effective and permanent contribution to IDB group, in line with the Bank's vision to benefit Islamic countries in economic and social stability and in achieving sustainable development".
The IDB meeting will play host to the 17th annual meeting of the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC) Board of Governors, the 5th annual meeting of the International Islamic Trade Finance Corporation (ITFC) general assembly, the 10th meeting of the Islamic Corporation for the Development of the private sector (ICD) general assembly, the 3rd annual meeting of the Islamic Solidarity Fund for Development (ISFD), the meeting of the Federation of Consultants from Islamic Countries (FCIC) General Assembly and the annual ministerial meeting of the Al Aqsa and Al Quds Funds.
In addition, the 5th Global Forum on Islamic Finance will aim to promote flexibility and inclusiveness, a seminar on financing opportunities will be organised in addition to The Investment Forum, a symposium on the activities of International Centre for Biosaline Agriculture.
The Islamic Development Bank, established in 1975, is an international financial institution with 56 countries as members. It consists of five entities, the Islamic Development Bank (IDB), the Islamic Research and Training Institute (IRTI), the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC). UAE joined as its member under Federal Decree No. 91 for the year 1974 and has a share of 1.045.96 million Islamic Dinars or 6.54% of the bank's capital.
IDB operations in UAE included 115 projects in 2009, valued at 702.1 million Islamic Dinars or US$1.0251 billion, divided into normal operations and trade finance operations. The authorised capital of IDB worldwide in 2009 was 30 billion Islamic dinars, its subscribed capital was 16 billion Islamic Dinars, and paid-in capital was 3.6 billion Islamic Dinars (equivalent to one Special Drawing Right SDR of the International Monetary Fund IMF).
The total funding of the IDB Group increased in 2009 as it approved 457 financing operations totalling 4720 million Islamic Dinars (US$7253.8 billion), 29% up on the total level of funding in 2008. Public utilities is the largest funded sector by IDB with 965.9 million Islamic Dinars (US$1.4853 billion) allotted for this sector. Asian member states have a substantial portion of these funds, 61.1%, including 3.9% concessional funds and 57.2% regular funds, followed by the African States.
Total amounts disbursed to member states during 2009 totalled 2 million Islamic Dinars (US$3.7 million). The cumulative profit from IDB's operations since inception reached 30.9 billion Islamic Dinars (US$43 billion).
Since the launch of its operations in May 2007, the Islamic Solidarity Fund for Development (ISFD) has provided US$548.9 million for 47 projects in various sectors in the 27 member states, and in 1430 A.H, approved loans totalled US$234.5 million for 22 projects in 17 Member States at a total cost of US$899.5 million.
In 2009, IDB doubled its infrastructure financing to help member states prepare themselves for the post global financial crisis era. The bank provided 1.8 billion Islamic Dinars (US$2.8 million) to infrastructure projects; up 300% compared to the funding invested in the previous year in transportation, power generation and transfer, water, sanitation, industry sectors, in addition to supporting local SMEs, trade finance approved by IDB group since its formation until the end of 1430 A.H reached about 25.1 billion Islamic dinars (US$34.8 billion).23 operations in 16 countries were jointly funded by IDB with other institutions in 2009 at a cost of US$ 7133 million.
IDB's share was US$1213 million or 17% of the total financing. There was a 1.5 times increase in approvals of ordinary capital resources for other community sectors (education, health). Cumulative funding provided by IDB to education sector was US$1.83 billion as 362 operations were financed. During the year 1430 A.H, 10 educational operations were approved to be funded with US$44.9 million. Overall funding of the health sector was US$1.18 billion as 213 operations were financed and 20 health related operations were approved to be financed in 12 member states valued at US$155.4 million. – Emirates News Agency, WAM
The delegation includes Younis Haji Al Khoori, Director General of the Ministry of Finance, Khalid Ali Al Bustani, Executive Director of International Financial Relations Sector, Al Hamdan Ahmed, Director of the International '&' Regional Financial Organisations Department at MoF and other specialists. UAE's participation confirms its desire to strengthen financial relations with international and regional financial organisations and institutions.
IDB Group intends to adopt many important decisions during the meeting, including the election of its new president for the next five years and forming its Board of Executive Directors. Its members will increase from 9 to 18 with 9 new members being assigned and the rest elected. UAE has a permanent seat in the Board of Executive Directors, a role performed by Abdul Aziz Al Zaabi, CEO of Real Estate Bank. The meeting will address the request made by the Federal Republic of Nigeria to increase its share in IDB to 8.65% and approve increasing its subscribed capital from 16 to 18 billion Islamic Dinars to accommodate the Nigerian request.
Participants will discuss allocating 5% of the expected net income of IDB in 2010 (at least 5 million US dollars) to technical assistance operations and the allocation of 2% of the net income (at least 2 million US dollars) to scholarship programmes for gifted students.
Commenting on UAE's participation, Al Tayer said: "We will continue our effective and permanent contribution to IDB group, in line with the Bank's vision to benefit Islamic countries in economic and social stability and in achieving sustainable development".
The IDB meeting will play host to the 17th annual meeting of the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC) Board of Governors, the 5th annual meeting of the International Islamic Trade Finance Corporation (ITFC) general assembly, the 10th meeting of the Islamic Corporation for the Development of the private sector (ICD) general assembly, the 3rd annual meeting of the Islamic Solidarity Fund for Development (ISFD), the meeting of the Federation of Consultants from Islamic Countries (FCIC) General Assembly and the annual ministerial meeting of the Al Aqsa and Al Quds Funds.
In addition, the 5th Global Forum on Islamic Finance will aim to promote flexibility and inclusiveness, a seminar on financing opportunities will be organised in addition to The Investment Forum, a symposium on the activities of International Centre for Biosaline Agriculture.
The Islamic Development Bank, established in 1975, is an international financial institution with 56 countries as members. It consists of five entities, the Islamic Development Bank (IDB), the Islamic Research and Training Institute (IRTI), the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC). UAE joined as its member under Federal Decree No. 91 for the year 1974 and has a share of 1.045.96 million Islamic Dinars or 6.54% of the bank's capital.
IDB operations in UAE included 115 projects in 2009, valued at 702.1 million Islamic Dinars or US$1.0251 billion, divided into normal operations and trade finance operations. The authorised capital of IDB worldwide in 2009 was 30 billion Islamic dinars, its subscribed capital was 16 billion Islamic Dinars, and paid-in capital was 3.6 billion Islamic Dinars (equivalent to one Special Drawing Right SDR of the International Monetary Fund IMF).
The total funding of the IDB Group increased in 2009 as it approved 457 financing operations totalling 4720 million Islamic Dinars (US$7253.8 billion), 29% up on the total level of funding in 2008. Public utilities is the largest funded sector by IDB with 965.9 million Islamic Dinars (US$1.4853 billion) allotted for this sector. Asian member states have a substantial portion of these funds, 61.1%, including 3.9% concessional funds and 57.2% regular funds, followed by the African States.
Total amounts disbursed to member states during 2009 totalled 2 million Islamic Dinars (US$3.7 million). The cumulative profit from IDB's operations since inception reached 30.9 billion Islamic Dinars (US$43 billion).
Since the launch of its operations in May 2007, the Islamic Solidarity Fund for Development (ISFD) has provided US$548.9 million for 47 projects in various sectors in the 27 member states, and in 1430 A.H, approved loans totalled US$234.5 million for 22 projects in 17 Member States at a total cost of US$899.5 million.
In 2009, IDB doubled its infrastructure financing to help member states prepare themselves for the post global financial crisis era. The bank provided 1.8 billion Islamic Dinars (US$2.8 million) to infrastructure projects; up 300% compared to the funding invested in the previous year in transportation, power generation and transfer, water, sanitation, industry sectors, in addition to supporting local SMEs, trade finance approved by IDB group since its formation until the end of 1430 A.H reached about 25.1 billion Islamic dinars (US$34.8 billion).23 operations in 16 countries were jointly funded by IDB with other institutions in 2009 at a cost of US$ 7133 million.
IDB's share was US$1213 million or 17% of the total financing. There was a 1.5 times increase in approvals of ordinary capital resources for other community sectors (education, health). Cumulative funding provided by IDB to education sector was US$1.83 billion as 362 operations were financed. During the year 1430 A.H, 10 educational operations were approved to be funded with US$44.9 million. Overall funding of the health sector was US$1.18 billion as 213 operations were financed and 20 health related operations were approved to be financed in 12 member states valued at US$155.4 million. – Emirates News Agency, WAM
