OMAN: SAYYID FAHD RECEIVES PRESIDENT OF ISLAMIC DEVELOPMENT BANK.

According to ONA: Sayyid Fahd bin Mahmoud al-Said, Deputy Prime Minister for the Council of Ministers received here today Dr. Ahmed Mohammed Ali al-Madani, President of Islamic Development Bank (IDB), currently visiting the Sultanate to attend Oman First Islamic Finance and Banking Conference. After welcoming the guest, Sayyid Fahd praised the special role played by IDB in supporting the relationships among members of Organization of the Islamic Conference. The IDB, comprised of 56 member states, aims at fostering the economic development and social progress of member countries and providing assistance to finance trade. The group runs a number of funds like Unit Investment Fund (UIF) and infrastructure fund. The Sultanate of Oman contributes to the Bank's capital. Sayyid Fahd reviewed the Sultanate's comprehensive development march in its economic and social dimensions, stressing that the government provides all facilities and offers the appropriate climate to encourage local and foreign investments. Sayyid Fahd affirmed that the successive five-year development plans aim at diversifying income sources and HR development. The Sultanate also cooperates with regional and international organizations and authorities, as well as economic and financial institutions and IDB is one of them. The meeting also touched on the future of economic and financial cooperation with IDB, especially in the field of training, scientific researches and encouragement of private sector. On his side Dr. Al-Madani expressed his pride on visiting the Sultanate and his admiration of the Omani experience and its achievements under the leadership of His Majesty Sultan Qaboos bin Said. He also expressed his thanks and appreciation for what the Sultanate is doing to support IDB efforts to accomplish its tasks. The meeting was attended by Darwish bin Ismaiel al-Balushi, Minister Responsible for Financial Affairs.