Riyadh - Mubasher: The Islamic Development Bank's (IsDB) board of governors (BoG) has selected Muhammed Sulaiman Al Jasser, Saudi Arabia’s former economy and planning minister, as the new IsDB president for five years.

The Chairman of the IsDB's board of governors, Deputy Prime Minister, and Minister of Investment and Foreign Trade of Uzbekistan, Sardor Umurzakov, has announced that the BoG adopted the resolution on the election of the candidate nominated by Saudi Arabia, according to a recent press release.

The election was confirmed by the IsDB Group General Secretariat.

The BoG Committee of Procedures, under the chairmanship of Umurzakov, had held a virtual meeting on 6 July 2021, to consider Saudi Arabia's candidacy of Al Jasser for the position of IsDB presidency to succeed Bandar bin Mohammed Hamza Hajjar.

The IsDB is a multilateral development bank (MDB) aiming to promote social and economic development in member countries and Muslim communities worldwide, according to the bank's website.