Question

IDB bank setting first branch where in Gujarat?

Answer 1

 (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.

Answer 2

Explanation:

Gandhinagar: Jeddah-based Islamic Development Bank (IDB) is set to start its India operations from Gujarat. The international financial institution from Saudi Arabia has chosen Gujarat to set up its first branch in India. The state will also get 30 medical vans as part of IDB's social sector initiatives.

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