First Branch of Islamic Development Bank Will Open at Ahmedabad [ Current Affairs ]

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Islamic Development Bank (IDB) of Saudi Arabia will open its first branch in India at Ahmedabad, Gujarat. IDB and its private sector arm, Islamic Corporation for the Development of the Private Sector (ICD) have met with top officials of the Reserve Bank of India (RBI), EXIM Bank and India’s other nationalized banks regarding to this implementation.

  • IDB and India’s EXIM Bank has already have signed MoU during Prime Minister Narendra Modi visit to United Arab Emirates (UAE) in April 2016 and this announcement comes as part it.
  • A US 100 million dollars line-of-credit (LoC) was to be given to IDB’s member countries to facilitate exports according to the MoU.
  • IDB will provide 30 medical vans to Gujarat state as part of its social sector initiatives.

About Islamic Development Bank:

  • The IDB is a multilateral development financing institution.
  • It’s headquarter is located at Jeddah, Saudi Arabia.
  • At the current time 56 Islamic countries are members of IDB.
  • The Finance Ministers had foind it in 1973 at the first Organisation of the Islamic Conference (now Organisation of Islamic Cooperation).
  • The main objective of IDB is to raise the economic development and social growth of member countries and the Muslim community in agreement with principles of Islamic (Shariah) law.

- Published on: May 27, 2016