Islamic development bank to treble its capital

The Islamic Development Bank (IDB) has moved to treble its capital of 2 billion Islamic Dinars (ID; one ID equals one SDR of the IMF) in order to meet the increased demand for trade and project finance in the organization's member states of the Middle East, Africa, and Asia. The decision by the 45 member Jeddah-based organization to increase the authorized and subscribed capital of the IDB was made last December. The move was decided on at the Islamic Heads of State summit in Dakar, Senegal.