King Abdullah bin Abdul Aziz patronizes the opening session of the 33rd conference of the Governors of IDB Group

Dr. Ahmad Mohammad Ali, President of the IDB Group declared that the meeting was attended by Ministers of Economy, Finance and Planning from around 56 Member Countries worldwide to discuss the Annual Meeting's agenda of 2008.

Several work sessions and special activities have associated this annual gathering.

The most significant were the 15th meeting for the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), the meeting of the public council of the Islamic Corporation for the Development of the Private Sector (ICDPS) and the meeting of the public committee of the International Islamic Trade Finance Corporation (ITFC).

Dr. Ahmad Mohammad Ali stated: "The Royal Patronage reflects the significance of the IDB Group in boosting mutual understanding among Islamic countries, focusing particularly on economic and charity issues."

He added, "This meeting brought together the decision makers of the IDB Group to discuss the economic issues and proceed the sustained development and the social progression of the Member Countries of the IDB Group in order to achieve the group's objective."

Within the framework of the conference, the 33rd meeting of the board of governors of the International Islamic Trade Finance Corporation (ITFC) has been held.

The board is a new member of the group with authorized capital of $3bn, and $750m as paid in capital.

The ITFC primarily aims to direct the efforts towards increasing and broadening the volume of trade exchange among Member Countries.

As a result of ITFC efforts, the trading exchange has reached as much as $30.2bn until April, 2008.

Within the activity of IDB as well governors board of the Islamic Solidarity Fund for Development, (ISFD) held their 2008 annual meeting as announced at the closing session of IDB Group in Dakar, Senegal Several activities have been held in cooperation with Saudi Capital Market Authority on the margin of the meeting including the IDB 19th symposium entitled "Furthering cooperation between the capital markets in IDB Member Countries".

The symposium tackled major issues in capital markets such as ways and practices to improve the efficiency of resources allocation through diverse and competent capital markets, discussing current legal identities of the regional capital markets, among other issues.