Sierra Leone joins 56 finance ministers in Saudi Arabia
Sierra Leone’s Finance and Development Minister, Dr. Samura Kamara (in photo) , has joined 56 of his counterparts in Saudi Arabia’s commercial capital, Jeddah to attend a high-profile Islamic Development Bank (IDB) meeting.
The four-day economic gathering of the 36th Session of the Governors Council which begins last Sunday is held under the patronage of King Abdullah bin Abdul–Aziz Al Saud, Custodian of the Two Holy Mosques.
Several high-profile events are expected to be discussed before the end of the meeting, among them, the signing of a large number of agreements with IDB member countries; a number of important seminars; discussion on the progress of the Special Program for the Development of Africa (SPDA); presentation of awards to this year’s winners in the field of Islamic banking and financial services as well as other awards for promoting the role of women in development.
A few days before the meeting, IDB President, Dr. Ahamad Muhammad Ali told a news conference in Jeddah that the bank had financed projects worth $70 billion since its establishment over three decades ago, until December 2010.
The President also told newsmen that: “Of this amount, 40% has been allocated for financing projects and technical assistance with non-profit and easy loans – 58.8% for financing trade and 1.2% in the form of grants for Islamic communities in member states to finance education and health projects.”
Headquartered in Jeddah, the IDB participates in equity capital and grant loans for productive projects and enterprises and provides financial assistance to member countries in other forms for economic and social development. It aims 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.
The Minister is accompanied by Peter Sam-Kpakra, Head of Multilateral Projects Division in the Ministry of Finance. And Saidu Timbo, First Secretary in the Embassy of Sierra Leone in the Kingdom of Saudi Arabia is deputizing Ambassador Wusu Munu who is currently out of the Kingdom to attend the 38th Session of the OIC Council of Foreign Ministers in Astana, Republic of Kazakhstan.
By Alhaji Jalloh, Information Attaché, Riyadh-Saudi Arabia
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