India signs $100 million draft export pact with Islamic Development Bank

India has signed a memorandum of understanding with the Islamic Development Bank (IDB) for a possible $100 million line of credit to simplify exports to IDB’s member countries.

The memorandum of understanding (MoU) was signed between the Islamic Development Bank (IDB) CEO Khaled Al-Aboodi,  and the Export-Import Bank of India (EXIM Bank) Tarun Sharma, regional head on behalf the EXIM Bank. This MoU will also be achieved through the exchange of information on trade-related matters and the identification of business opportunities for Indian companies to pursue in ICD’s member countries

About Islamic Development Bank:

The Islamic Development Bank (IDB) is a multilateral development financing institution located in Jeddah, Saudi Arabia. It was founded in 1973 by the Finance Ministers at the first Organisation of the Islamic Conference (now called the Organisation of Islamic Cooperation) with the support of the king of Saudi Arabia at the time (Faisal), and began its activities on 20 October 1975. There are 56 shareholding member states
Headquarters: Jeddah, Saudi Arabia.
Islamic Development Bank (IDB) – CEO Khaled Al-Aboodi.
Extra info:
  • Export-Import Bank of India is the premier export finance institution in India, established in 1982 under the Export-Import Bank of India Act 1981. Since its inception, Exim Bank of India has been both a catalyst and a key player in the promotion of cross border trade and investment.
  • Export-Import Bank of India (EXIM Bank) CEO – Mr. Yaduvendra Mathur
  • Headquarters Mumbai, India

So lets do:
  • Who is the CEO of EXIM bank?
  • Who is the CEO of Islamic Development Bank (IDB)?
  • Where is the Islamic Development Bank (IDB) headquater situated?
  • Where is the Exim bank headquater situated?
  • Recently india signed an agreement of $100 million with which development bank?
  • IDB consist of Membership of how many countries?

Source – The Hindu


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