Albanian gov’t drafts resolution for increasing its Islamic Development Bank shares

The Albanian government has submitted for ratification to Parliament the resolution “Regarding the general fifth increase of the Islamic Development Bank (IDB) and the collection of 50% (the receivable amount) of the subscribed capital of the Islamic Development Bank according to the fourth total growth of capital and some other special signatures of 2013 of the Board of Governors of the Islamic Development Bank (IDB)”.

Through ratification, the Government agrees to increase the amount of equity participation in the bank, which is reflected in the addition of shares.

In 1993, Albania adhered to the fundamental document of the Islamic Development Bank (IDB) and as its member the country 923 shares, worth 10,000 Islamic Dinars (ID) per share, with a total value of 9.23 million ID, the equivalent of 11.44 million euro, and with a percentile of owned shares at the level 0.05%.

The signed agreements for the period covering 1995-2016, between the Albanian government and the Islamic Development Bank, amount to 470 million euros.

Active projects that are being implemented are at the level of 384.7 million euro.

IDB’s financing cover mainly road infrastructure, water management, health, microfinance, etc…

Funding of road infrastructure covers several segments, like Tirana – Elbasan, Qukës – Qafe-Plloce, while other areas are microfinance, the Fishing Port of Durres, water supply of Orikum, etc…

Islamic Development Bank is a multilateral development financial institution based in Jeddahh, Saudi Arabia, while Albania became a member in 1993.

Founded in 1975, this bank has 56 member countries and aims to promote economic development and social progress among member states.

SCAN

*Material i përgatitur nga portali SCAN. Ripublikimi mund të bëhet vetëm kundrejt citimit të autorësisë dhe burimit origjinal.