OREANDA-NEWS. June 29, 2010. The 35th Annual Meeting of the Islamic Development Bank (IDB) was held in Baku, Azerbaijan, where ministers of finance, economy, and planning attended the meeting on behalf of 56 member countries.

The annual meeting, inaugurated by the President of Azerbaijan, considered a number of vital topics on the agenda, including the Thirty-fifth Annual Report of IDB (2009-2010).

The IDB annual meeting, a sole economic forum for the South-South member countries, hosted under its umbrella a number of meetings, forums, seminars, and the IDB annual symposium on "Achieving food security in member countries in post-crisis world."

The IDB Board of Executive Directors held its session were a number of new developmental projects for member countries and communities in non-member counties have been approved.

The Board also presided over the Islamic Solidarity Fund for Development (ISFD) meeting, an endowment fund with a capital of USD10 billion which aims at providing concessional financing for the Least Developed Member Countries (LDMC).

Furthermore, over 35 financing agreements were signed during the meeting with various IDB Governors, in addition, to awarding of IDB prizes in the fields of science and technology, Islamic economics, and women contribution to development.

It is worth mentioning that the IDB entities also held their annual meetings starting with the Islamic Corporation for the Development of the Private Sector (ICD), the International Islamic Trade Finance Corporation (ITFC), and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

Other side meetings included Al Aqsa and Al Quds Fund, the ICD investment forum, the ITFC Meeting to enhance the Road Map to develop the Intra-OIC Trade, and special meeting of the IDB African Governors Group on the Special Program for the Development of Africa (SPDA).