chapter  5
12 Pages

The Role of the Islamic Development Bank (IDB): The First Ten Years

The Islamic Development Bank came into being in October 1975. It was set up in recognition of the need to foster the well-being of the peoples of the participating countries and to achieve a harmonious and balanced development of these countries. It is based on the conviction that such development can be best advanced through mutual financial and economic co-operation among the states which are members of the Islamic Conference. It is designed to promote and strengthen co-operation among its members in economic, social and other fields of activity. The Bank is orientated towards development, investment and welfare and it seeks to mobilise financial and other resources both within and outside the member countries. It is expected to promote domestic savings and investment and a greater flow of development funds into the member countries.