OREANDA-NEWS. June 02, 2009. Ahmad Mohammad Ali Al-Madani, President of the Islamic Development Bank and the heads of the specialized institutions of this authoritative financial organisation gave a press-conference at the President Hotel in the framework of the IDB summit in Ashgabat.

In his opening remarks Mr. Ahmad Mohammad Ali Al-Madani expressed sincere gratitude – personally and on behalf of the IDB Board of Executive Directors to President of Turkmenistan Gurbanguly Berdimuhamedov and the Turkmen people for hospitality and high level of organisation of the 34th Annual Meeting of the Board of Governors of the Islamic Development Bank in Ashgabat.

Addressing the press conference the IDB President briefed on the major goals and objectives of the financial organisation, its role in the modern world and the activities which had been held in the Turkmen capital on the eve of the summit. Mr. Ahmad Mohammad Ali Al-Madani noted that the Islamic Development Bank was a specialized institution of the Organization of the Islamic Conference and had 56 member countries. The major purpose of the Bank is to foster economic development and social progress of the member countries and Muslim communities. IDB to participate in equity capital and grant loans for the projects aimed at developing infrastructure, agriculture, humanitarian spheres – health care, education, etc. The total financing of the IDB is almost US\\$ 60 billion. Each year IDB provides financial support to the projects worth of US\\$ 5.5 billion.

The IDB President informed in detail of the decisions adopted at the meeting of the Board of Executive Directors and the issues under discussion during the working meetings of the specialized institutions of the Bank. In particular, he said that the Board of Executive Directors had approved the decision to provide financial support to the projects worth over US\\$ 575 million. Moreover, the IDB would provide the grant loans for development of education and health care in some member countries.

The Board of Executive Directors approved the capital of the Islamic Corporation for the Development of the Private Sector (ICD), which would increase from US\\$ 1 to 2 billion, and announce the increase in the contributions from US\\$ 500 to 750 million. The IDB President said that these measures would allow the Corporation to address the growing needs and enhance its role in development of private sector in the IDB member countries.

Touching upon the prospects of cooperation with Turkmenistan Mr. Ahmad Mohammad Ali Al-Madani emphasized that it was fruitful and informed of the IDB’s interest in intensifying traditional partnership built on mutual benefit and in compliance with the priorities of Turkmenistan’s development. In this regard he presented the decisions of the Board of Executive Director to provide the loans to Turkmenistan for implementation of a number of the joint projects.

Then the IDB President and the heads of the leading organisations of the Islamic Development Bank Group answered the journalists’ questions and told about the programmes implemented by the Bank in the Islamic countries and the plans for future.