IDB paid out $51bn since inception

The Islamic Development Bank (IDB) has paid out $51 billion in financial disbursements since 1975, the multi-lateral Jeddah-based institution said in a statement on its annual report on Wednesday.

IDB, backed by the Organisation for Islamic Conference (OIC), said that in the period 59% of its total disbursements had been paid for trade finance, 40% for technical projects and consultancy, and 1.2% in the form of grants.

The disclosure comes head of the 33rd annual meeting of the IDB board of governors, which is set to take place in Jeddah in June, which will be presided by IDB's head, Ahmed Mohammed Ali.

The IDB Group, which comprises five entities including the bank, said it had also paid $5 billion to finance 327 development projects in OIC member countries and Islamic communities in non-OIC member countries since the Islamic year 1428 (January 2007).

The IDB Group consists of the bank, the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), the International Islamic Trade Finance Corporation (ITFC) and the Islamic Research and Training Institute (IRTI).

It currently serves the 56 member countries of the OIC, as well as through the provision of financial assistance and grants to the education and health sectors in the Islamic communities in 67 non-member countries.

Some of its main grant and financing programmes include the Islamic Bank Fund, AWQAF Properties Investment Fund, Unit Investment Fund (UIF), IDB Infrastructure Fund (IIF), World WAQF Foundation (WWF), IDB Scholarship Programmes, Special Assistance Programme and the Islamic Solidarity Fund for Development.

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