The Board of Executive Directors of Islamic Development Bank Group has endorsed a medium-term program for 1431-1433H (2010-2012G) in which $11.5 billion from its ordinary capital resources will be allocated to finance development projects, IDB President Dr. Ahmad Mohamed Ali said. “Under this three year program, the bank will extend some $11.5 billion from its ordinary capital resources to finance development projects,” he said. “The approval of this program is a part of a 9- year transformation roadmap toward realizing Vision 1440H (2020G) which was developed by a high commission composed of a number of dignitaries in Islamic world. The commission chaired by Dr. Mahathir Mohamed the former prime minister of Malaysia, aimed, through the strategy, to transform IDB into an international-scale development institution,” he added. Ali said the medium-term program is the first stage of the transformation roadmap, hence, it is crucial to enhance IDB Group capacity as a strategy-focused organization.
