Kuwait-Mubasher: Islamic Development Bank (IDB) allocates $10 billion finances annually, as $5 billion is granted for projects, while the rest for short-term facilities, said IDB’s President Ahmed Mohamed Ali.
In an interview with Mubasher, Ali said that negotiations with Egypt are being conducted for increasing the country’s portfolio in the bank, which has financed Egypt with $450 million to execute a megaproject in Helwan’s electricity station.
He clarified that further projects are being agreed on with Kuwait Development fund which will sponsor a meeting between Egypt and Kuwait in the coming few days.
The bank’s president noted that an agreement with the International Bank is being studied to issue sukuk and bonds which will help countries in the Middle East, mainly Yemen.
Ali added that IDB will promote its investments in Turkey which is a main partner in the group.
It is worth highlighting that Saudi Arabia acquires 23.52% of IDB’s capital which stands at $140 billion.
