Islamic Development bank to open first branch in Ahmedabad

Q.  IDB has announced the first branch in which Indian city?
- Published on 26 May 16

a. Ahmedabad
b. Alipore
c. Agartala
d. None of the above

ANSWER: Ahmedabad
 
Islamic Development Bank (IDB) in May 2016 announced to open its first branch in India at Ahmedabad, Gujarat. IDB is headquartered at Jeddah, Saudi Arabia.
  • The plans to set up the branch at Gujarat is part of MoU signed between India’s EXIM Bank and IDB during Prime Minister Narendra Modi visit to United Arab Emirates (UAE) in April 2016.
  • As part of the MoU a 100 million dollar line-of-credit was to be given to facilitate exports to IDB's member countries.
  • Besides, it also announced to provide 30 medical vans as part of IDB’s social sector initiatives.

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