THE COUNCIL OF THE EXECUTIVE DIRECTORS OF THE ISLAMIC DEVELOPMENT BANK (IDB) BEGAN HERE TODAY ITS 240TH SESSION UNDER THE CHAIRMANSHIP OF DR AHMED MOHAMMED ALI, THE IDB'S PRESIDENT. THE AGENDA OF THE SESSION INCLUDES ALLOCATION OF $250 MILLION AS A CONTRIBUTION TO THE RECONSTRUCTION OF LEBANON. THE AGENDA ALSO INCLUDES A REPORT FOR ESTABLISHING A FUND FOR FIGHTING POVERTY IN THE IDB'S MEMBER STATES. THE KINGDOM OF SAUDI ARABIA HAD EARLIER ANNOUNCED ITS READINESS TO CONTRIBUTE $I BILLION TO THE FUND'S CAPITAL, WHILE KUWAIT ANNOUNCED TO CONTRIBUTE SR 300 MILLION. THE PARTICIPANTS OF THE MEETING WILL ALSO REVIEW A PROPOSAL FOR SIGNING A MEMORANDUM OF UNDERSTANDING (MOU) BETWEEN THE IDB AND THE UN'S DEVELOPMENT PROGRAM. THEY WILL ALSO REVIEW A PROPOSAL FOR FINANCING A NUMBER OF NEW DEVELOPMENT PROJECTS IN THE IDB'S MEMBER STATES.
