Financial and Banking News

AID FLOWS

IDB Approves New Loans 

At its annual meeting in Dacca, Bangladesh last week, the Board of Governors of the Islamic Development Bank (IDB) approved a $104mn increase in the bank's $2.08bn capital. The bulk of the increase will be met by Turkey, which was voted the fifth permanent member of the IDB Board of Directors, in addition to Saudi Arabia, Kuwait, Libya and the UAE. It was also agreed to re-admit Egypt to the IDB after a six-year...