CAIRO, Nov 24: The Saudi-based Islamic Development Bank is seeking resources to increase its lending next year to help majority-Muslim member states deal with the financial crisis, its president said.

The IDB, set up to foster economic and social development among its 56 member states, was seeking to lend more than this year’s about $4.8 billion, Ahmed Mohammed Ali told Reuters.

“We will lend at least $4.8 billion and there is a good possibility we could exceed that,” he said.

“We will try to do our best to increase to meet more demand from some member countries.” Ali said the bank would try to increase loans to sectors such as exporting and would seek to compensate for lower foreign investment.

He mentioned member countries, including Pakistan, Indonesia, and Bangladesh as possible candidates for more loans.

“We expect member countries will need more resources,” he said.—Reuters