At the end of their 36th annual meeting in Saudi Arabia, governors of the Islamic Development Bank agreed to allocate 5 percent of the bank’s expected income in 2011 for technical assistance grants in 2012.
The governors endorsed the allocation, which is expected to be not less than $5 million, on the last day of their meeting in Saudi Arabia, on June 30, where they also agreed to spend 2 percent of the bank’s 2011 income on scholarship grants next year.
The governors also elected nine executive directors who will serve for three years starting Nov. 19. The new directors are from Bangladesh, Burkina Faso, Ivory Coast, Kazhakhstan, Malaysia, Mozambique, Oman, the Palestinian territories and Tunisia.
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