The Board of Governors of Islamic Development Bank Group concluded its 30th session here today. In his speech, Dr. Ibrahim bin Abdulaziz Al-Assaf, the Minister of Finance of the Kingdom of Saudi Arabia, the Kingdom's Governor to the Bank and Head of the Kingdom's delegation to the session stressed the Kingdom's continual support for joint Islamic actions in all fields within the framework of the Bank which represents a pioneering experience in this field. In a statement to the Saudi Press Agency, Dr. Al-Assaf said that the Board approved the set-up of an International Islamic Trade Financing Corporation in activation of the Kingdom's initiative launched by Crown Prince Abdullah bin Abdulaziz, the Deputy Premier and Commander of the National Guard at the Islamic 10 Summit in Malaysia in 1424 aiming at promoting trade and enhancing cooperation and solidarity among member states of the Organization of Islamic Conference. He pointed out that the Corporation will be based in Jeddah, Saudi Arabia with an authorized capital of $ 3 billion and a subscribed capital of $ 700 million, noting that the Bank will own most of shares. At the conclusion of the session, the Board issued a number of decisions including the re-election of Dr. Ahmed Mohammed Ali as president of the Bank Group for another five-year term.
