Kuwait emir calls for aid to poor Muslim nations

"Many Muslim countries have suffered from unrest and turmoil which had its impact on the people. Our economic institutions should double their efforts to put in place development plans to improve their living standards," he said.

The Jeddah-based IDB is the economic arm of the 57-member Organisation of the Islamic Conference and was established in 1975. Its board of governors is made up of finance or economy ministers of member states.

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IDB president Ahmad Mohammad Ali called for "organizational reforms" to the bank to enable it to move from its traditional role of providing finance to promoting investments, trade and exports among member states.

The IDB, which gives low-interest loans, has so far extended a total of 38 billion dollars to Islamic countries.

Member states on Tuesday signed an agreement establishing the International Islamic Trade Finance Corp aimed at boosting trade between Muslim countries.

The body will have an authorised capital of three billion dollars, with a subscribed capital of 500 million dollars.

It will work to raise trade among the 56 IDB member states to 20 percent of their total exchanges over the next 10 years from 13 percent now.