The Council of Governors of the Jeddah-based Islamic Development Bank unanimously elected here today the Kingdom of Saudi Arabia's candidate Dr. Bandar bin Mohammed Hajjar as new President of IDB for the next term of office, a portfolio after long-serving current head Dr. Ahmed bin Mohammed Ali retired upon his request. Addressing the meeting, Dr. Abdulaziz bin Ibrahim Al-Assaf, the Minister of Finance of the Kingdom of Saudi Arabia, paid great tribute to outgoing Dr. Ali, citing his dedication, impartiality and hard working during more than 40 years he was serving the regional financial institution. Al-Assaf also introduced the President-elect as the proper nominee to the proper position.