Islamic Development Bank (IDB) in May 2016 announced to open its first branch in India at Ahmedabad, Gujarat. IDB is headquartered at Jeddah, Saudi Arabia.
The plans to set up the branch at Gujarat is part of MoU signed between India’s EXIM Bank and IDB during Prime Minister Narendra Modi visit to United Arab Emirates (UAE) in April 2016. As part of the MoU a 100 million dollar line-of-credit was to be given to facilitate exports to IDB's member countries.
Besides, it also announced to provide 30 medical vans as part of IDB’s social sector initiatives. These vans will be used for the tribal areas of Chhota Udepur, Narmada and Bharuch in Gujarat, in the first phase.
This plan is part of 55 million dollar pact signed between IDB and Rashtriya Institute of Skill and Education (RISE) to provide medical care to rural poor in India. As part of it, IDB will provide 350 fully-equipped medical vans (mobile clinics) to India
The IDB is also keen at investing in small and medium enterprises (SMEs) of Gujarat and in executing a project on Wakf properties in different countries.
Other than IDB, the government of Saudi Arabia is planning to set up BPOs for Saudi women with the support of India.
About Islamic Development Bank
• The Islamic Development Bank is an international financial institution was established in 1975.
• It was established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in December 1973.
• IDB's main objective is to foster the economic development and social progress of member countries as well as the Muslim community in accordance with principles of Shariah (Islamic law).
• The bank has 56 Islamic countries as its members.
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When: Announced in May 2016