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FINANCIAL NEWS
Saudi Arabia to raise its share in IDB by USD1.2 b
10 Dec 2013
(MENAFN) Saudi Arabia plans to boost its share in the Jeddah-based Islamic Development Bank’s subscribed capital by USD1.2 billion, totaling USD6.85 billion, according to Arab News.
Saudi Arabia owns the largest portion of the bank, followed by Libya, Iran, Nigeria, UAE, Qatar, Egypt, Turkey, Kuwait, Algeria and Pakistan.
The Kingdom decided to take this step after IDB increased its capital to USD150 billion from the previous USD45 billion.
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