JEDDAH — Saudi Arabia's nominee Dr. Muhammed Sulaiman Al-Jasser has been elected the new president of the Islamic Development Bank (IsDB) for the next five years.

Al-Jasser's election was announced by the chairman of the IsDB board of governors, Sardor Umurzakov, who is also the deputy prime minister and minister of investment and foreign trade of Uzbekistan, after the confirmation of the IsDB Group General Secretariat.

The IsDB board of governors also adopted a resolution expressing profound gratitude and appreciation to the Custodian of the Two Holy Mosques King Salman and the Saudi government for the continuous support to IsDB since its inception.

In the resolution, the board of governors lauded the excellent services provided by the outgoing president, Bandar Al-Hajjar.

Under Al-Hajjar's leadership, the bank achieved a lot of success over the past period, uplifting its status among peer institutions and in global financial markets, the resolution noted. — SG