The Islamic Development Bank (IDB) Group announced that it would give $1.5 billion in soft loans to poor Muslim countries to increase agricultural production and achieve food security within the next five years. The announcement was made during the 33rd annual conference of IDB governors at the Jeddah Hilton that was opened by Custodian of the Two Holy Mosques King Abdullah. Finance, economy and planning ministers of 56 IDB member countries attended the meeting. The king’s presence reflected his strong support to IDB, which is the most successful institution under the Organisation of the Islamic Conference (OIC). IDB President Dr. Ahmed Muhammad Ali enumerated the bank’s achievements over the past three decades, saying it had given $53 billion to finance various development and welfare projects in member countries and Muslim communities in non-member countries. Bahrain’s Finance Minister Sheikh Ahmed bin Muhammad Al-Khalifa, current chairman of the group’s board of governors, made the announcement of the $1.5 billion soft loans for IDB member countries. Rising commodity prices in recent months have hit most Muslim countries as producers, especially of rice, began exporting less of their yields to offset their own food crises.
IDB SOFT LOANS TO POOR COUNTRIES
The Islamic Development Bank (IDB) Group announced that it would give $1.5 billion in soft loans to poor Muslim countries to increase agricultural production and achieve food security within the next five years.
