Sardor Umurzakov elected Board Chairman of Governors of IDB Group

Deputy Prime Minister of Uzbekistan, Minister of Investments and Foreign Trade Sardor Umurzakov has been elected Board Chairman of Governors of the Islamic Development Bank (IDB) Group, the ministerial press service reported.

“For the first time in the history of Uzbekistan, the Board Chairman of Governors of the Islamic Development Bank Group, the highest governing body of the bank, was elected from Uzbekistan,” the statement reads.

The Islamic Development Bank Group, which includes the Islamic Development Bank, the Islamic Corporation for the Development of the Private Sector, the International Islamic Trade and Finance Corporation, the Islamic Corporation for Investment and Export Credit Insurance, and the Islamic Research and Training Institute, was founded in 1974 in Jeddah (Saudi Arabia).

The IDB has 57 member countries, and the key area of its activity is financing large infrastructure and socially significant projects in strategic sectors of the economy.