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Business Reading Room
Glossary and Acronyms - from I to
J
A An
B C Con D E F G H I J
K L M N O P Q R S Sp T U VWXYZ
IC-DISC
Interest Charge domestic International Sales Corporation
Ice Clause
An ice clause is a standard clause in the chartering of ocean vessels. It dictates the
course a vessel master may take if the ship is prevented from entering the loading or
discharge port because of ice, or if the vessel is threatened by ice while in the port.
The clause establishes rights and obligations of both vessel owner and charterer if these
events occur.
ICPO - Irrevocable Corporate Purchase Order
IFB - Invitation For Bid
I.M.F.
See International Monetary Fund)
Import Certificate
The import certificate is a means by which the government of the country of
ultimate destination exercises legal control over the internal channeling of the
commodities covered by the import certificate.
Import License.
A document required and issued by some national governments
authorizing the importation of goods into their individual
countries.
Import Quota
A means of restricting imports by the issuance of licenses to importers, assigning each a
quota, after determination of the total amount of any commodity which is to be imported
during a period. Import licenses may also specify the country from which the importer must
purchase the goods.
Import Quota Auctioning
The process of auctioning the right to import specified quantities of quota-restricted
goods.
Import Restrictions
Import restriction, applied by a country with an adverse trade balance (or for other
reasons), reflect a desire to control the volume of goods coming into the country from
other countries may include the imposition of tariffs or import quotas, restrictions on
the amount of foreign currency available to cover imports, a requirement for import
deposits, the imposition of import surcharges, or the prohibition of various categories of
imports.
Import Substitution
A strategy which emphasizes the replacement of imports with domestically produced goods,
rather than the production of goods for export, to encourage the development of domestic
industry.
Importer
The U.S. Customs Service defines "importer" as a person primarily liable for the
payment of duties on the merchandise, or an authorized agent acting on the importer's
behalf. The importer may be: (a) a consignee, (b) the importer of record, or (c) the
actual owner of hte merchandise if the actual owner has filed with Customs a declaration
acknowledging ownership along with a superseding bond.
Importer of Record
The U.S. Customs Service defines the importer of record as the owner or purchaser of the
goods; or, when designated by the owner, purchaser, or consignee, a licensed Customs
broker.
Imports
Imports of merchandise include commodities of foreign origin as well as goods of domestic
origin returned to the United States with no change in condition or after having been
processed and/or assembled in other countries. For statistical purposes, imports are
classified by type of transaction:
- Merchandise entered for immediate consuumption. ("duty free" merchandise and
merchandise on which duty is paid on arrival);
- Merchandise withdrawn for consumption ffrom Customs bonded warehouses, and U.S. Foreign
Trade Zones;
- Merchandise entered into Customs bondedd warehouses and U.S. Foreign Trade Zones from
foreign countries.
Imports for Consumption
"Imports for Consumption" measure the total of merchandise that has physically
cleared through U.S. Customs either entering consumption channels immediately or entering
after withdrawal for consumption from bonded warehouses under Customs custody or from
Foreign Trade Zones. Many countries use the term "special imports" to designate
statistics compiled on this basis.
In Bond.
A term applied to the status of merchandise admitted provisionally
to a country without payment of duties -- either for storage in a bonded warehouse or for
trans-shipment to another point, where duties will eventually be imposed.
In-Bond System
The In-Bond System, a part of Customs' Automated Commercial System, controls merchandise
from the point of unloading at the port of entry or exportation. The system works with the
input of departures (from the port of unlading), arrivals, and closures (accountability of
arrivals).
Incorporation. This is the act of forming a company
and giving it a separate legal existence, and is usually associated with gaining limited
liability.
Incoterms
Maintained by the International Chamber of Commerce (ICC), this codification of terms is
used in foreign trade contracts to define which parties incur the costs and at what
specific point the costs are incurred.
Independent European Program Group
The IEPG is an intergovernmental organization that is not formally part of NATO but
whose membership includes all the EC members of the alliance, plus Norway and Turkey.
Established in 1976, IEPG's objectives are to promote European cooperation in research,
development, and production of defense equipment; improve transatlantic armaments
cooperation; and maintain a healthy European defense industrial base.
Indexed Currency Option Note
An ICON is a debt repayment instrument whose value is partially determined by the
exchange rate between two currencies. Interest payments, made in one currency, are lowered
if the rate of exchange exceeds a pre-arranged rate.
Individually Validated Export License.
A required document issued by the U.S. Government authorizing the
export of specific commodities. This license is for a
specific transaction or time period in which the exporting is to
take place. Compare General export license.
Individual Validated License
An IVL is written approval by which the U.S. Department of Commerce grants permission,
which is valid for 2 years, for the export of a specified quantity of products or
technical data to a single recipient. IVLs also are required, under certain circumstances,
as authorization for the reexport of U.S.-origin commodities to new destinations abroad.
Industrialization Fund for Developing Countries
The IFU invests in joint venture companies in the developing countries, together with
Danish companies. It is a revolving Fund whose resourcs were made available by the Danish
government. IFU takes part in joint ventures as a shareholder and can provide loans or
guarantees for loans. The Fund was established by Denmark in 1967; headquarters are in
Copenhagen. Since 1978, Fund operations have been funded solely from the return on
investments in developing countries and from other financial assets, with no public
financial subsidy.
Industry Consultations Program
The Industry Consultations Program for Trade Policy Matters is an advisory committee
structure created by the Trade Act of 1974; expanded by the Trade Agreements Act of 1979;
and amended by the Omnibus Trade and Competitiveness Act of 1988. The program is operated
jointly by Commerce and the U.S. Trade Representative. Members of the committees are
appointed by the Secretary of Commerce and the U.S. Trade Representative. The present
structure consists of 17 Industry Sector Advisory Committees (ISACs), 3 Industry
Functional Advisory Committees (IFACs), a Committee of Chairs, and an Industry Policy
Advisory Committee (IPAC). The focus of the 3 Functional Advisory Committees are: (1)
Customs Matters, (2) Standards, and (3) Intellectual Property Rights.
Information Highway.
A network, consisting of many connected networks, which has the
capacity to carry high-speed, broadband services, including interactive and voice, data,
image and video communication. The network will allow customers to reach offices, homes,
schools, hospitals and a variety of other institutions.
Infotainment.
The integration of information, education and entertainment
services.
Infrequent Exporter
The Commerce Department's International Trade Administration defines an
"infrequent exporter" as a company that has some export experience -- usually
averaging between 1 and 50 export shipments per year -- but which still needs assistance
to increase the size of its export market or to expand into new ones.
Inherent Vice.
An insurance term referring to any defect or other characteristics of a product
which could result in damage to the product without external cause. Insurance policies may
specifically exclude losses caused by inherent vice.
Initial Negotiating Right
A right held by one GATT country to seek compensation for an impairment of a given
bound tariff rate by another GATT country. INRs stem from past negotiating concessions and
allow the INR holder to seek compensation for an impairment of tariff concessions
regardless of its status as a supplier of the product in question.
Injury
In U.S. law, a finding by the International Trade Commission that imports are
causing, or are likely to cause, harm to a U.S. industry. An injury determination is the
basis for a Section 201 case. It is also a requirement in all antidumping and most
countervailing duty cases, in conjunction with Commerce Department determinations on
dumping and subsidization.
Inland Bill of Lading.
A bill of lading used in transporting goods overland to the
exporter's international carrier. Although a through bill of lading can sometimes be used,
it is usually necessary to prepare both an inland bill of lading and an ocean bill of
lading for export shipments. Compare Air waybill, Ocean bill of lading, and Through bill
of lading.
Inspection Certification
Some purchasers and countries may require a certificate of inspection attesting to the
specifications of the goods shipped, usually performed by a third party. Inspection
certificates are often obtained from independent testing organizations.
Instruments of International Traffic
Lift vans, cargo vans, shipping tanks, skids, pallets, caul boards, and cores for textile
fabrics, arriving (whether loaded or empty) in use or to be used in the shipment of
merchandise in international traffic are designated as "instruments of international
traffic" (IIT) within the meaning of section 322(a0, Tariff Act of 1930, as amended.
Upon Customs acceptance of a type 3 bond, covering these IIT types, such instruments may
be released without entry or the payment of duty, subject to the provisions of 19 CFR
10.41a.
Insurance Certificate
This certificate is used to assure the consignee that insurance is provided to cover loss
of or damage to the cargo while in transit.
Integrated Carriers
Carriers that have both air and ground fleets; or other combinations, such as sea, rail,
and truck. Since they usually handle thousands of small parcels an hour, they are less
expensive and offer more diverse services than regular carriers.
Integrated Services Digital Network (ISDN).
Offers integrated voice, data, image and video services over the
digital telephone network at high speeds allowing users to process a wide range of
applications using a single telephone line. ISDN is based on a series of internationally
accepted telecommunications standards.
Integrated Tariff of the European Community
TARIC is a publication which presents the regulations pertaining to import of
products into the EC as well as for some exports. TARIC adopts the provisions of Community
legislation, the harmonized system, and the combined nomenclature (CN).
Intellectual Property Rights (IPR)
IPR is a generic phrase encompassing intangible property rights, including, among
others, patents, trade and service marks, copyrights, industrial designs, rights in
semiconductor chip layout designs, and rights in trade secrets.
Intelsat
See: International Telecommunications Satellite Organization.
Interagency Group on Countertrade
The IGC, established in December 1988 under Executive Order 12661, reviews policy
and negotiates agreements with other countries on countertrade and offsets. The IGC
operates at the Assistant Secretary level, with the Department of Commerce as chair.
Membership includes 11 other agencies: Agriculture, Defense, Energy, Justice, Labor,
State, Treasury, the Agency for International Development, the Federal Emergency
Management Agency, the U.S. Trade Representative, and the Office of Management and Budget.
Inter-American Commercial Arbitration Commission
The IACAC administers a system for arbitrating and conciliating international
commercial disputes throughout the Western Hemisphere. The Commission, associated with the
Organization of American States, follows provisions of the United Nations Commission on
International Trade Law. IACAC was originally established in 1934; headquarters are in
Washington, D.C.
Inter-American Development Bank
IADB, or IDB, (Spanish: Banco Interamericano de Desarrollo, BID), is a regional
financial institution which helps accelerate economic and social development in Latin
America and the Caribbean. The Bank was established in 1959 (began operations in October
1960); headquarters are in Washington, D.C. The twenty-eight regional members include:
Argentina, Bahamas, Barbados, Belize, Bolivia, Brazil, Canada, Chile, Colombia, Costa
Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Guyana, Haiti, Honduras,
Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Suriname, Trinidad and Tobago, United
States, Uruguay, and Venezuela. The IDB also includes 16 non-regional members: Austria,
Belgium, Denmark, Finland, France, Germany, Israel, Italy, Japan, the Netherlands, Norway,
Portugal, Spain, Sweden, Switzerland, and the United Kingdom.
Inter-American Investment Corporation
The IIC is a multilateral investment corporation that promotes the economic
development of the regional member countries by stimulating the establishment, expansion,
and modernization of private enterprises, especially those of medium and small scale, in
Latin America and the Caribbean. The IIC works directly with private enterprises in these
countries and neither seeks nor requires government guarantees. The Corporation makes
direct investments such as equity participation, loans and purhcases of debt instruments,
as well as direct investment through other financial institutions. The Corporation also
finances feasibility studies, underwrites securities, provides technical and managerial
assistance, and helps entrepreneurs in mobilizing additional capital. The IIC is
affiliated with the Inter-American Development Bank; it was established in 1986;
headquarters are in Washington, D.C.
Inter-Arab Investment Guarantee Corporation
The IAIGC promotes Arab development by stimulating capital transfers among members,
by providing investment risk coverage, and by supporting development studies. The
Corporation was established in 1965; headquarters are in Kuwait; nearly all Arab countries
are members.
Interbank Offered Rate
IBOR is the rate of interest at which banks lend to other prime banks. Terms are
established for the length of loan and individual foreign currencies. A number of
financial centers offer an IBOR, including: Abu Dhabi (ADIBOR), Bahrain (BIBOR), Brussels
(BRIBOR), Hong Kong (HKIBOR), London (LIBOR), Luxembourg (LUXIBOR), Madrid (MIBOR), Paris
(PIBOR), Saudi Arabia (SAIBOR), Singapore (SIBOR), and Zurich (ZIBOR).
Intermediate Consignee
An intermediate consignee is the bank, forwarding agent, or other intermediary (if
any) that acts in a foreign country as an agent for the exporter, the purchaser, or the
ultimate consignee, for the purpose of effecting delivery of the export to the ultimate
consignee.
Intermodal Container Transfer Facility
ICTF is a site where cargo is transferred from one form of transit to another, such
as rail to ship.
International Accounting Unit
NATO infrastructure projects are usually denominated in International Accounting
Units. The IAU is a unit of measure based on the exchange rates of the 16 NATO member
countries and is reevaluated every six months.
International Agreements
An international agreement is governed by international law; the term refers to a
broad classification of legally binding arrangements between states. The arrangements
include: treaties, conventions, protocols, annexes, accords, and memoranda of
understanding. Other common titles include notes, pact, declaration, statute, constitution
and process-verbal.
The title is not a controlling factor in making distinctions among arrangements.
Some titles are not used consistently; and titles are often used as synonyms, with
subtlety in differentiation and resulting in an inability to apply certitude in
definition. In this context, the following general characteristics apply:
- Treaties are international agreements and are equivalent to conventions. The
Vienna Convention on the Law on Treaties defines a treaty as "an international
agreement concluded between States in written form and governed by international law,
whether embodied in a single instrument or in two or more related instruments and whatever
its particular designation." In its restricted sense in the United States, a treaty
denotes an international agreement made by the President with the advice and consent of
the Senate in accordance with Article II, section 2 of the Constitution. During a year,
the U.S. may be a signatory to approximately 400 international agreements; only about a
dozen are treaties. Under U.S. law a treaty (or other international agreement, however
designated) becomes the law of the land and is binding on federal, state and local
government. This is not always the case in other nations which may require legislative
action before a treaty takes the same effect as domestic law. The term
"plurilateral" is sometimes used to differentiate between a treaty embracing a
restricted number of states in contrast with "multilateral" as a reference to a
treaty which is open to all nations.
- Conventions are essentially the same as treaties. In the 1980s and beyond, the
term convention has been used more in connection with multilateral, than bilateral,
arrangements. Depending on the nature of the convention, the President may or may not
consult the Senate.
- Protocols may be any sort of international agreement. A protocol can stand alone
or, more generally, it may be a supplementary agreement, or an amendment, of some sort.
- Annexes are subsidiary agreements which are additional to a previously
established arrangement. However, there is flexibility; the General Agreement on Tariffs
and Trade (GATT) uses the term "annex" to indicate a free-standing agreement.
- Accords are further from treaties than conventions. If there is any distinction
to be made, an accord may suggest a non-binding agreement; there are exceptions.
- Memoranda of Understanding are very detailed documents devised by Executive
Branch agencies (such as aviation or major fishery agreements). An MOU may be less
significant; it takes into account U.S. practice and the requirements of the other
government. When a treaty or an executive agreement is first published by the United
States, it is assigned a TIAS number and published in slip form in the Treaties and other
International Acts Series. TIAS, published by the Department of State, is a series of
individual pamphlets.
International Bank for Reconstruction and Development
The International Bank for Reconstruction and Development, a part of the World
Bank, was established in December 1945 to help countries reconstruct their economies after
World War II. IBRD assists developing member countries by lending to government agencies
and by guaranteeing private loans for such projects as agricultural modernization or
infrastructural development. Bank headquarters are in Washington, D.C.
International Banking Act
The IBA, passed in 1978, established a federal legislative framework for governing
the activities of foreign banks, which previously had been governed only by state laws.
The IBA established a policy of national treatment for U.S. offices of foreign banks by:
(a) limiting any new multistate branching activities to activities more comparable
to those of U.S. banks;
(b) placing the foreign bank offices under the same reserve requirements that apply
to U.S. banks;
(c) limiting foreign bank involvement in U.S. securities; and
(d) making federal deposit insurance available to U.S. offices of foreign banks if
they chose to engage in retail banking.
International Banking Facility
An IBF is one of four categories of foreign banking in the United States. An IBF
may be a domestic bank or an office of a foreign bank. In either circumstance, the IBF
maintains asset and liability accounts that are segregated from domestic activity and
limited to financing international trade. IBFs are exempted from such requirements as:
reserve levels and obligations to make some insurance premiums. In the U.S., eligibility
requirements limit IBFs to business with other IBFs and with non-U.S. residents. U.S.
banks may structure operations to draw foreign customer deposits and loans to their
domestic offices.
International Business Opportunities Service
IBOS is a World Bank subscription package which includes information on upcoming
projects and business opportunities. The Service includes:
(a) the Monthly Operational Summary (MOS) listing all projects in the pipeline;
(b) Technical Data Sheets (TDS), published for each approved loan, listing
identifying information, procurement methods, cofinancing and similar data;
(c) general procurement notices, issued for projects involving international
competitive bidding;
(d) specific procurement notices describing specific items to be procured and
bidding requirements; and
(e) major contract award notices identifying successful bidders for contracts which
were recently awarded.
International Centre for Settlement of Investment Disputes
ICSID, an affiliate of the World Bank, is a public international organization which
provides facilities for the conciliation and arbitration of investment disputes between
Contracting States and nationals of other Contracting States. The Centre's objective is to
promote an atmosphere of mutual confidence between States and foreign investors conducive
to increasing the flow of private international investment. The Centre does not itself
engage in conciliation or arbitration but assists in the initiation and conduct of
conciliation and arbitration proceedings. Recourse to conciliation and arbitration under
the ICSID Convention is entirely voluntary. However, once the parties have consented, they
are bound to carry out their undertakings and, the case of arbitration, to abide by the
award. All Contracting States, whether or not parties to the dispute, are required to
recognize awards rendered pursuant to the Convention as binding and to enforce the
pecuniary obligations imposed thereby. The Centre also conducts and publishes research in
foreign investment law. ICSID was created under a treaty, the Convenion on the Settlement
of Investment Disputes Between States and Nationals of Other States (the ICSID Convention)
which entered into force in October 1966. The Centre's headquarters are in Washington,
D.C.
International Chamber of Commerce
ICC was created in 1919 to promote free trade, private enterprise, and represent
business interests at national and international levels. Members include national councils
from sixty countries. ICC headquarters are in Paris, France.
International Commodity Agreement
An ICA is an international understanding, usually reflected in a legal instrument,
relating to trade in a particular basic commodity, and based on terms negotiated and
accepted by most of the countries that export and import commercially significant
quantities of the commodity. Some commodity agreements (such as exists for coffee, cocoa,
natural rubber, sugar, and tin) center on economic provisions intended to defend a price
range for the commodity through the use of buffer stocks or export quotas or both. Other
commodity agreements (such as existing agreements for jute and jute products, olive oil,
and wheat) promote cooperation among producers and consumers through improved
consultation, exchange of information, research and development, and export promotion.
International Competitive Bidding
ICB is one of several forms of procurement made with World Bank financing. While
the World Bank provides financing from its loans for the contracts and ensures that agreed
procurement procedures are observed, the borrower, not the World Bank, is always
responsible for procurement. ICB requires that:
(a) all goods or works to be procured through ICB be internationally advertised
through the United Nations (in the publication: Development Business) and at least one
major local newspaper;
(b) bids be entertained in the bidder's or other currencies in which expenses would
normally be occurred on in an international currency specified by the borrower;
(c) payments be made in the currencies in the bids, without requirement to accept
any portion of payment in countertrade;
(d) documents be in an international language (English, French, or Spanish);
(e) bids be openly reviewed; and
(f) contracts be awarded to the lowest evaluated responsive bid. ICB permits a
margin of preference to be given to domestic goods and, under certain conditions, to
domestic contracting services in developing countries.
International Confederation of Free Trade Unions
ICFTU was established in 1949 to promote the trade union movement by recognizing
workers' organizations and through other means of support for the rights of workers to
bargain. Members include more than 140 national organizations from nearly 100 countries.
ICFTU organizes and educates free trade unions in the developing world primarly through
its three regional organizations: APRO for Asia and the Pacific located in New Delhi,
India; AFRO in Afria, and ORIT in Latin America, located in Mexico City. ICFTU
headquarters are in Brussels, Belgium.
International Court of Justice
The ICJ, established in 1945, is the principal judicial organ of the UN. The ICJ
decides cases submitted to it by states and gives advisory opinions on legal questions
submitted to it by the General Assembly or Security Council or by UN specialized agencies.
The court is composed of 15 judges elected by the General Assembly and the Security
Council from a list of persons nominated by the national groups in the Permanent Court of
Arbitration. The seat of the Court is in The Hague, Netherlands.
International Data Base
The IDB, which is maintained by the Center for International Research, is an
automated data bank containing statistical tables of demographic, economic, and social
data for all countries of the world. Data categories include: population; vital
statistics; health and nutrition; fertility, migration; foreign-born and refugee
statistics; provinces and cities; marital status; family planning; ethnic, religious and
language groups; literacy and education; labor force, employment, income and gross
national product; and household size and housing indicators. IDB data users include the
U.S. government, private firms, research institutions, and international organizations.
International Depository Receipt
An IDR is a negotiable bank-issued certificate representing ownership of stock
securities by an investor outside the country of origin. The securities backing the
receipt remain in the custody of the issuing bank or a correspondent.
International Electrotechnical Commission (IEC).
This is a non-governmental federation of national committees from
around 50 countries, representing all the industrial countries in the world. It was
established in 1906 to "promote international cooperation on all questions of
standardization and related matters in the fields of electrical and electronic engineering
and thus to promote international understanding."
International Finance Corporation
The IFC was established in 1956 as a member of the World Bank Group. The IFC
promotes private sector investment in developing countries. The IFC charges market rates
and seeks profitable returns.
International Freight Forwarder.
See Freight Forwarder.
International Monetary Fund (IMF)
International Monetary Fund The IMF, established in December 1945, promotes
international monetary harmony, monitors the exchange rate and monetary policies of member
nations, and provides credit for member countries which experience temporary balance of
payments deficits. Each member has a quota, expressed in Special Drawing Rights, which
reflects both the relative size of the member's economy and that member's voting power in
the Fund. Quotas also determine members' access to the financial resources of, and their
shares in the allocation of Special Drawing Rights by, the Fund. The IMF, funded through
members' quotas, may supplement resources through borrowing. IMF membership is
approximately 175 countries.
International Organization for Standardization
(ISO).
This is a non-governmental, world-wide federation of national
standards bodies from some 100 countries, one per country, which was established in 1947
to "promote the development of standardization and related activities in the world
with a view to facilitating the international exchange of goods and services, and to
developing cooperation in the spheres of intelectual, scientific, technological and
economic activity."
ISO's work results in international agreements which are published as
International Standards.
International Telecommunications Satellite Organization
INTELSAT, created in 1964 under a multilateral agreement, is a nonprofit
cooperative of about 120 countries that jointly own and operate a global communications
satellite system serving the world. The system is used primarily for international
communications, and by many countries for domestic communications. In 1991, the INTELSAT
system comprised a network of 16 satellites in geosynchronous orbit over the Atlantic,
Indian, and Pacific Ocean regions, with service to about 1,500 international and domestic
earth station antennas. COMSAT is the United Statess representative to and participant in
Intelsat.
International Telecommunications Union (ITU).
The International Telecommunications Union is an organization
established to promote worldwide standards and the development of interworking
telecommunications networks throughout the world.
International Trade Commission
An independent U.S. Government agency concerned with imports, import duties, and
the effect of imports on U.S. industry. The Commission has six commissioners who review
and make recommendations concerning countervailing duty and antidumping petitions
submitted by U.S. industries seeking relief from imports that benefit unfair trade
practices. Known as the U.S. Tariff Commission before its mandate was broadened by the
Trade Act of 1974.
Invisibles
This refers to areas of non-merchandise "invisible trade" that include
expenses such as freight and insurance and most types of services and investment.
Invitation For Bids
A request, verbal or written, which is made to prospective bidders
requesting the submission of a bid on specifically described commodities or services.
I.P.R.
See Intellectual Property Rights.
Irrevocable Letter of Credit.
A letter of credit in which the specified payment is guaranteed by
the bank if all terms and conditions are met by the drawee.
Islamic Development Bank
The IsDB (sometimes IDB) finances economic aid and social development in member countries.
The Bank also supports Muslim communities in non-member countries. Membership is open to
all countries which are members of the Islamic Conference. Members include: Afghanistan,
Algeria, Bahrain, Bangladesh, Benin, Brunei, Burkina, the Cameroon, Chad, Comoros,
Djibouti, Egypt, Gabon, The Gambia, Guinea, Guinea-Bissau, Indonesia, Iran, Iraq, Jordan
Kuwait, Lebanon, Libya, Malaysia, Maldives, Mali, Mauritania, Morocco, Niger, Oman,
Pakistan, the Palestine Liberation Organization, Qatar, Saudi Arabia, Senegal, Sierra
Leone, Somalia, Sudan, Syria, Tunisia, Turkey, Uganda, the United Arab Emirates, and
Yemen. The Bank was created in 1973 (began operations in October 1975); headquarters are
in Jeddah, Saudi Arabia.
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