Islamic Development Bank conference opens in Kazan.

KAZAN, June 10 (Itar-Tass) - An international investment conference of the Islamic Development Bank opens in Tatarstan's capital Kazan on Tuesday. "The Islamic Development Bank does not have the right to directly invest in the economy of Russia and (its republic of) Tatarastan, as we are not a member of the Organization of the Islamic Conference, Tatarstan' s Minister of Industry and Trade Linar Latypov told ITAR-TASS. However, an agreement has been reached during the preparation of the conference on "attraction of Islamic capital in our country". Latypov said 107 projects worth 35 billion dollars had been prepared for potential investors in areas of the industry, construction, transport, energy, agriculture and health. Tatarstan also proposes the construction in Kazan of an Islamic medical center and of sport venues for Universiad 2013. Chiefs of over 100 companies, banks and investment funds of Gulf countries, countries, member states of the Islamic Development Bank, as well as representatives of federal authorities, investment funds and chiefs of Russian enterprises attend the forum. The Islamic Development Bank, which is based in Jeddah, Saudi Arabia, was founded in 1973 by the decision of the Organization of the Islamic Conference. It has 56 state members. Its authorized capital is 6 billion Islamic dinar (one dinar is equivalent to 1.4 dollars).