The Islamic Development Bank (IDB) will open its first branch in which city of India?
The Islamic Development Bank (IDB) will open its first branch in which city of India?
[A]Ahmedabad
[B]Lucknow
[C]Ajmer
[D]Raipur
Ahmedabad
The Islamic Development Bank (IDB) will open its first branch in India at Ahmedabad, Gujarat. This is a part of MoU signed between IDB and India’s EXIM Bank during Prime Minister Narendra Modi visit to United Arab Emirates (UAE) in April 2016. As part of MoU, a $100 million line-of-credit was to be given to facilitate exports to IDB’s member countries. The headquarters of IDB is at Jeddah, Saudi Arabia. The main purpose of IDB is to foster the economic development and social progress of member countries and the Muslim community in accordance with principles of Shariah (Islamic law). The bank has 56 Islamic countries as its members.
