Iranian economy minister due to IDB meeting in Jakarta next week

May 11, 2016

TEHRAN- Iran’s Finance and Economic Affairs Minister Ali Tayyebnia will leave Tehran for the Indonesian capital Jakarta next week to attend the 41st annual meeting of the Islamic Development Bank (IDB) Group Board of Governors.

An economic delegation will accompany Tayyebnia in his trip to take part in the meeting. Iran is the third main shareholder of the IDB, IRNA reported on Wednesday.

 

The 41st annual meeting of the IDB will be held from May 15 to 19 for seeking solutions to the problems faced by the member states, such as poverty, low investment, and infrastructure financing.

 

The Islamic Development Bank is an international financial institution established in pursuance of the declaration of intent issued by the Conference of Finance Ministers of Muslim Countries. The purpose of the bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari'ah i.e., Islamic Law.

 

The present membership of the Bank consists of 56 countries. The basic condition for membership is that the prospective member country should be a member of the Organization of Islamic Cooperation (OIC), pay its contribution to the capital of the bank and be willing to accept such terms and conditions as may be decided upon by the IDB board of governors.

 

HJ/MA

 

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