Jeddah, Jul 19 (IANS): The Islamic Development Bank (IsDB) said that Saudi Arabia's nominee Muhammed Sulaiman Al Jasser has been elected as its new President for five years.
The election was confirmed by the IsDB Group General Secretariat on Sunday, reports Xinhua news agency.
The IsDB Board of Governors (BoG) adopted a resolution expressing profound gratitude and appreciation of Saudi Arabia for its continuous support to the bank since its inception, according to an official statement.
The BoG Committee of Procedures held an online meeting on July 6 to consider the candidacy of Al Jasser for the IsDB presidency to succeed Bandar Hajjar.
Located in Jeddah, the IsDB is a multilateral development finance institution focusing on Islamic finance.
Saudi Arabia is the largest single shareholder among the bank's 57 member states.