Saudi Arabia’s Islamic Development Bank (IDB) has decided to open its first branch in India at Ahmedabad, Gujarat.
In this regard, IDB and its private sector arm, Islamic Corporation for the Development of the Private Sector (ICD), already have met with top officials of the Reserve Bank of India (RBI), EXIM Bank and India’s other nationalized banks.
This announcement comes as part of MoU signed between IDB and India’s EXIM Bank during Prime Minister Narendra Modi visit to United Arab Emirates (UAE) in April 2016.
As part of the MoU a US 100 million dollars line-of-credit (LoC) was to be given to IDB’s member countries to facilitate exports.
Besides, IDB also has decided to provide Gujarat state 30 medical vans as part of its social sector initiatives.
About Islamic Development Bank
- The IDB is a multilateral development financing institution based in in Jeddah, Saudi Arabia. Presently, it has 56 Islamic countries as its members.
- It was founded in 1973 by the Finance Ministers at the first Organisation of the Islamic Conference (now Organisation of Islamic Cooperation).
- IDB’s objective is to foster the economic development and social progress of member countries as well as the Muslim community in accordance with principles of Islamic (Shariah) law.