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تحت رعاية خادم الحرمين الشريفين الملك سلمان بن عبد العزيز -يحفظه الله-،  تستضيف العاصمة السعودية الرياض الاجتماعات السنوية للعام 2024 لمجموعة البنك الإسلامي للتنمية  لمجلس المحافظين الذي يمثل أعلى هيئة لصنع القرار في مجموعة البنك الإسلامي للتنمية.

وتتضمن هذه المناسبة أيضا الاحتفال باليوبيل الذهبي للبنك بمناسبة مرور 50 عاما من الجهود المتواصلة لتعزيز التنمية الاجتماعية والاقتصادية في البلدان الأعضاء وخارجها.

وتضم الاجتماعات وزراء الاقتصاد والتخطيط والمالية من الدول الأعضاء، بالإضافة إلى ممثلين عن مختلف المؤسسات المالية والبنوك الإسلامية والقطاع الخاص ومؤسسات التنمية والمنظمات غير الحكومية ووسائل الإعلام. وبهذه المناسبة تدعو مجموعة البنك الإسلامي للتنمية وسائل الإعلام لحضور وتغطية الأحداث الرئيسية والمؤتمرات الصحفية للاجتماعات.

وخلال الاجتماعات، ستعقد ندوات وجلسات إحاطة إقليمية ومؤتمرات صحفية وغيرها من الأحداث التي تركز على التنمية الاجتماعية والاقتصادية، فضلا عن التعاون الإقليمي والدولي.

ماذا: الاجتماعات السنوية لمجموعة البنك الإسلامي للتنمية واليوبيل الذهبي

الشعار: (الاعتزاز بماضينا ورسم مستقبلنا: الأصالة والتضامن والازدهار)

المكان: مركز الملك فيصل للمؤتمرات، فندق إنتركونتيننتال الرياض، المملكة العربية السعودية 910

تاريخ الاجتماعات السنوية: 27-30 أبريل 2024

تاريخ اليوبيل الذهبي: 28 أبريل 2024

موقع البنك الإسلامي للتنمية: www.isdb.org

موقع الاجتماع السنوي للبنك الإسلامي للتنمية:  https://bit.ly/49rR39v

موقع الذكرى السنوية لليوبيل الذهبي للبنك الإسلامي للتنمية: https://isdb-50.org

للاستفسار يرجى التواصل مع: السيد أحمد أبو غزالة البريد الإلكتروني:  AGhazaleh@isdb.org الجوال:  555021776 00966

Under the patronage of the Custodian of the Two Holy Mosques, King Salman Bin Abdulaziz, the Saudi capital, Riyadh, will host the Islamic Development Bank (IsDB) Group’s 2024 Annual Meetings of the Board of Governors representing IsDB Group’s highest decision-making body.

Also, the event involves the Bank’s Golden Jubilee to celebrate 50 years of continuous efforts to foster socio-economic development in member countries and beyond.

The meetings will include ministers of economy, planning, and finance from member countries, as well as representatives from various financial institutions, Islamic banks, the private sector, development institutions, NGOs, and media outlets. The IsDB Group invites the media to attend and cover the main events and press conferences of the meetings.

During the meetings, there will be seminars, regional briefings, press conferences, and other events that focus on socio-economic development, as well as regional and international cooperation.

What: IsDB Group Annual Meetings and Golden Jubilee

Theme: Cherishing our Past, Charting our Future: Originality, Solidarity, and Prosperity

Venue: King Faisal Conference Center, InterContinental Riyadh, Kingdom of Saudi Arabia

Date of Annual Meetings: 27-30 April 2024

Date of the Golden Jubilee: 28 April 2024

IsDB Website: www.isdb.org

IsDB Group Annual Meeting Website: https://bit.ly/49rR39v

IsDB Golden Jubilee Anniversary Website: https://isdb-50.org/

For inquiries, kindly reach out to: Mr. Ahmed Abu Ghazaleh Email: AGhazaleh@isdb.org | Mobile: +966 555021776

Jeddah, Kingdom of Saudi Arabia, 12 May 2023 – Under the auspices of HE Dr. Muhammad Al Jasser, President of the Islamic Development Bank (IsDB), an Implementation Partner (IP) agreement was signed today between the IsDB, as the Trustee of the Afghanistan Humanitarian Trust Fund (AHTF), and International Medical Corps-UK, to implement a project aiming at providing improved water sanitation and hygiene services to targeted populations affected by conflicts and natural disasters in Afghanistan’s Paktika Province.

The IP agreement was signed between Eng. Mohammad J. Alsaati, Special Adviser to the IsDB President and AHTF Coordinator, and Ognjen Radosavljevic, the Managing Director of International Medical Corps-UK, on the sidelines of the 2023 IsDB Group Annual Meetings in Jeddah, Saudi Arabia.

The signing event was attended by senior representatives from the Organization of Islamic Cooperation (OIC), King Salman Humanitarian Aid and Relief Center (KSrelief), the Saudi Fund for Development (SFD), member countries, implementing partners, and other stakeholders, as well as guests.

IsDB President HE Dr. Muhammad Al Jasser stated: “This signing ceremony is an important milestone for all of us, as we have been striving to alleviate the suffering of our Afghan brothers and sisters. I commend all those who have worked tirelessly to make this happen. I look forward to the earliest completion of this project and its positive impact on the lives of the rural communities in Afghanistan. On this occasion, I would like to express my sincere thanks and gratitude to King Salman Humanitarian Aid and Relief Center for their USD 10 million contributions to the AHTF”. “

The AHTF will extend a grant of USD 1,078,894 to International Medical Corps, a US-registered independent affiliate of International Medical Corps-UK, to implement the project in the eastern Afghanistan province. The AHTF grant funding comes from the contribution of KSReliefto the AHTF.

The AHTF grant aims to improve communities’ health and quality of life by providing clean water in a sustainable manner and promoting hygiene practices in the beneficiary local communities. The operation will directly benefit a rural population of 14,113. The International Medical Corps will build solar-powered pumped water systems to provide access to clean water for drinking and cooking for the people in Urgon and Yusufkhel districts. It will also work toward improving the environmental health and hygiene practices of targeted populations in the two districts by conducting solid waste cleanup campaigns and promoting hygiene practices at the household and community levels.

On the IP agreement, Eng. Mohammad J. Alsaati, Special Adviser to the IsDB President and AHTF Coordinator, said: “Afghanistan has seen decades of continued conflicts and several occurrences of natural disasters that brought profound suffering to the people of the country and reversed many of its development gains. As trustees of the AHTF, we are committed to supporting the socioeconomic development of Afghanistan. The funding to International Medical Corps-UK is part of overall AHTF’s efforts to promote inclusive and sustainable development for the provisioning of essential services, including access to clean water, primary education, and basic healthcare in remote rural communities, to address the ongoing humanitarian crisis. With these funds, International Medical Corps-UK will provide our Afghan brothers and sisters in Paktika with improved access to water sanitation and hygiene services.”

“Access to clean, safe water is key to overall health, preventing water-borne diseases and staving off other health issues,” said Ognjen Radosavljevic, Managing Director of International Medical Corps UK. “Our work in Afghanistan spans nearly four decades, and we are grateful to IsDB and AHTF for their support of this important project,” he added.

At present, the communities in Pakitka’s Urgon and Yusufkhel districts rely on unsafe water sources such as rivers, streams, wells, boreholes, and traditional ponds. Continued drought, which has resulted in the drying-up of springs, wells, rivers, and streams across Afghanistan, and the damage to water points in Paktika due to the recent June 2022 Afghanistan earthquake are the key issues jeopardizing the sustainability of existing water points. Therefore, this project will make clean water accessible to those whose water systems have been destroyed, damaged, or contaminated.

The AHTF serves as a vehicle to channel humanitarian assistance, address basic needs, and promote self-reliance and development in the country, following the decision of the Council of Foreign Ministers of the OIC at its 17th Extraordinary Session held on 19 December 2021 in Islamabad, Pakistan.

Jeddah, Kingdom of Saudi Arabia, 12 May 2023 – The Board of Governors (BoG) of the Islamic Development Bank (IsDB) has approved Indonesia’s request to increase its contribution to the subscribed capital of the Bank. The request was approved as part of the proceedings of the 48^th Annual Meeting of the IsDB Board of Governors held in Jeddah, Kingdom of Saudi Arabia, under the patronage of The Custodian of The Two Holy Mosques, King Salman bin Abdulaziz Al Saud.

The Special Capital Increase (SCI) allows Indonesia to gain a permanent seat on the Bank’s Board of Executive Directors (BED). The SCI will eventually increase the number of permanent BED seat holders to ten. This is the 6^th SCI approved by the IsDB Board of Governors since the Bank commenced operations in 1975. The SCI further expands the capital base of the Bank entailing a wide array of advantages including the enhancement of the institution’s implementation capacity towards its fit-for-purpose Realigned Strategy 2023-2025 as it serves as a symbol of strong shareholder support.

Welcoming the approval, IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, stated: “The Special Capital Increase strengthens the historic partnership between IsDB and the Republic of Indonesia for promoting sustainable socio-economic development, including the key areas of climate action and building food security and resilience in the Bank’s 57 Member Countries. This will enable us to work together ever so closely toward the sustainable development agenda around the world. This is a strong show of support by an important Member Country, and the Bank is very grateful to the Government of the Republic of Indonesia, especially the Minister of Finance of Indonesia and IsDB Governor, H.E. Dr. Sri Mulyani Indrawati for her leadership in this effort and reinforcing Indonesia’s support for IsDB.”

On the occasion, H.E. Dr. Sri Mulyani Indrawati, Finance Minister and IsDB Governor for Indonesia stated: “As the country with the largest Muslim population in the world and with a great wealth of experience in dealing with global priority agenda, Indonesia is committed to working closely with IsDB to make a positive and long-lasting impact on the Muslim Ummah and the global community at large. The world and the Muslims in particular need to rebuild better and stronger, and this partnership between Indonesia and IsDB will continue to build solidarity towards that purpose, Inshallah.”

IsDB and Indonesia have a longstanding historic relationship that continues to build upon the dynamic and exponentially growing cooperation between a larger IsDB Group and Indonesia that is currently driven by the recently launched 2022-2025 Member Country Partnership Strategy (MCPS) oriented towards providing solution-centric and programmatic developmental solutions, in full harmony with the National Development Plan, as encapsulated in the 2020-2024 Medium Term Strategy (RPJMN) and Vision 2045 of Indonesia.

To date, IsDB Group’s total financing to Indonesia stands at around US$ 6.3 billion which spans various priority sectors of the country’s economy, in both public and private sectors.

Jeddah, Kingdom of Saudi Arabia, 12 May 2023 – Under the auspices of HE Dr. Muhammad Al Jasser, President of the Islamic Development Bank (IsDB), an Implementation Partner (IP) Agreement was signed today between the IsDB, as the Trustee of the Afghanistan Humanitarian Trust Fund (AHTF) and the Aga Khan Foundation (AKF) on supporting the Sustainable and Inclusive Transformation of Agrarian Economies in Rural Afghanistan (SITARA).

The agreement was signed by Mohammad J. Alsaati, Special Adviser to the IsDB President and AHTF Coordinator, and Dr. Matt T. Reed, Director of Institutional Partnerships of AKF and CEO of AKF UK, on the sidelines of the 2023 IsDB Group Annual Meetings in Jeddah, Saudi Arabia. The signing event was attended by senior representatives from the Organization of Islamic Cooperation (OIC), King Salman Humanitarian Aid and Relief Center (KSRelief), Saudi Fund for Development (SFD), member countries, implementing partners, and other stakeholders, as well as guests.

IsDB President HE Dr. Muhammad Al Jasser stated: “SITARA promotes self-reliance by creating income-generation opportunities, builds capacities of beneficiaries, and improves agricultural production. It will contribute to rebuilding the foundations of socioeconomic development in the country. The local communities will greatly benefit from such projects, lifting them out of poverty. I am glad IsDB has swiftly worked with Aga Khan Foundation to finalize the project’s formulation and start the implementation phase. On this occasion, I would like to express my sincere thanks and gratitude to King Salman Humanitarian Aid and Relief Center for their USD 10 million contributions to the AHTF”.

As an implementing partner, the AHTF will extend a grant of USD 800,000 to AKF to carry out the project across two provinces in the northwest region of Afghanistan. The AHTF grant funding comes from a contribution from KSrelief.

SITARA will facilitate 803 households in the northwest Afghanistan provinces of Kunduz and Takhar. It will directly support households utilizing the platform established by the ongoing Food Security and Agriculture Sustainability for Livelihoods (FASL) Project, funded by the Swiss Agency for Development Cooperation (SDC). The project is a good example of effective partnerships.

Recognizing the household as the fundamental unit in a community with unique challenges, opportunities, resources, and skills to deal with the broader social and economic difficulties in their own ways, SITARA will facilitate entrepreneurial and catalytic transformational activities to promote rural development. Appropriate customized solutions will be devised to address their individual situations and challenges to ensure that households graduate out of poverty by optimally utilizing tailored and targeted technical and financial support.

Through its innovative and customized approach, SITARA will improve agricultural production, create income-generation opportunities, build the capacity of rural households to resolve their problems collectively, and offer financial products to sustainably accelerate their self-development. The resultant improved household incomes, enhanced assets, and skills will create a snow-balling effect to enable households to not fall back into vicious cycles of poverty.

Commenting on the IP agreement, Eng. Mohammad J. Alsaati, Special Adviser to the IsDB President and AHTF Coordinator, said: “We are pleased to partner with AKF to provide sustainable livelihoods for the brothers and sisters of Afghanistan, especially those in the worst-affected regions. We are committed to ensuring the success of our efforts in the country under AHTF, working with our implementing partners to find innovative solutions to uplift the lives of those in most desperate need.”

The Director of Institutional Partnerships of AKF and CEO of AKF (UK), Dr. Matt T. Reed, said: “We are delighted to sign this agreement with the AHTF and Islamic Development Bank. The support could not come at a more important time, with 90 percent of Afghans in economic distress. This project will build on the long-standing presence and commitment of the Aga Khan Development Network in Northern Afghanistan, supported by AKF and many other development partners. Together, we are making a critical difference to people and communities confronting enormous challenges.”

The IP Agreement comes at a time when the country reels from the combined impact of the ongoing economic crisis, the fallout from the COVID-19 pandemic, and the three-year drought that has created the world’s biggest humanitarian crisis, with more than 26 million people requiring assistance on multiple fronts in Afghanistan. The ongoing crises have deepened poverty-related issues, which SITARA intends to mitigate in the targeted communities.

AHTF seeks to address key areas of development in Afghanistan, such as enhancing food security, supporting small and medium enterprises to create local employment opportunities, improving access to quality education with a particular focus on females, empowering women and youth, and providing health facilities in remote rural communities.

The AHTF serves as a vehicle to channel humanitarian assistance, address basic needs, and promote self-reliance and development in the country, following the decision of the Council of Foreign Ministers of the OIC at its 17^th Extraordinary Session held on 19 December 2021 in Islamabad, Pakistan.

Jeddah, Kingdom of Saudi Arabia, 11 May 2023 – On the sidelines of the ongoing 2023 Islamic Development Bank (IsDB) Group Annual Meetings in Jeddah, Kingdom of Saudi Arabia, H.E. Dr. Mohammad Al Jasser, President of the Islamic Development Bank (IsDB), met with Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), where the two leaders exchanged views over ways and means to jointly strengthen cooperation and tackle global challenges.

H.E. Dr. Al Jasser expressed satisfaction with the cooperation between IsDB and AfDB, noting that the two institutions have cumulatively co-financed projects worth over US$ 8.3bn in their 27 common member countries.

He also acknowledged the adverse impacts of the ongoing geopolitical and trade challenges as well as the global food and energy market dislocations amidst tightening monetary policies in advanced countries to contain inflation. H.E. Dr. Al Jasser asserted that these successive external shocks have compounded the fiscal constraints and elevated debt levels in many countries, leading to the specter of another debt crisis in many African countries, especially Low-Income Countries (LICs).

On the issue of global food security, H.E. Dr. Al Jasser highlighted that IsDB Group and its Arab Coordination Group (ACG) partners have committed a minimum amount of US$10 billion in response to the global food crisis, with IsDB Group set to contribute US$ 10.5 billion to this commitment through 2025, in addition to US$ 20 billion of previous investments in this sector. He underlined that IsDB/ACG funding aims to mitigate the impact of global food market shocks in the short term and to support clients in ramping up investment in food production and agricultural value chains in the long term, with Special Agro-Processing Zones providing an ideal vehicle to achieve this goal.

Regarding climate change and financing crises, H.E. Dr. Al Jasser stressed the importance of addressing the water-agriculture-energy nexus in light of climate change, especially in the Sahel region, and the need to help African countries mitigate the impact of low-carbon and digital transitions to accelerate their development process. He elaborated that IsDB is planning to invest up to US$7.8 billion in agriculture and rural development in Africa over the 5-year period 2023-2027 and that climate finance is set to represent 35% of IsDB’s annual commitments by 2025, with 65% of climate finance for adaptation.

In addition, the IsDB President highlighted the landmark Arab Coordination Group commitment of US$ 24 billion for climate finance through 2030 announced at COP27 in November 2022 in Sharm El-Sheikh, Egypt, which will support the acceleration of energy transition, the increased resilience of food, transport, water, and urban systems, and the promotion of energy security in partner countries. IsDB and ACG partners aim to leverage additional financing to de-risk and catalyze private investment through blended finance and guarantees.

H.E. Dr. Al Jasser emphasized that these efforts are part of IsDB’s commitment to promoting sustainable development and addressing the challenges facing its member countries, particularly in Africa, and that cooperation with AfDB will continue to be an important part of these efforts.

JEDDAH, Kingdom Saudi Arabia, 11 May 2023 – The Islamic Solidarity Fund for Development (ISFD) hosted the ISFD Poverty Alleviation Forum during the Islamic Development Bank (IsDB) Group’s Annual Meetings underway in Jeddah, Kingdom of Saudi Arabia.  

Established in 2007, ISFD was created as a specialized fund within the IsDB Group to assist with reducing poverty within the Organization of Islamic Cooperation (OIC) member countries.

IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, opened the forum with a keynote address discussing the importance of empowering civil society organizations (CSOs) to help improve socio-economic conditions in hard-to-reach communities.

Dr. Al Jasser emphasized IsDB Group’s commitment to human capital development, highlighting the IsDB Economic Empowerment (EE)’s approach which has enabled disadvantaged populations to play an active role in the economic cycle in their countries. He also commented on the shared initiative of ISFD and IsDB to empower local citizens in IsDB Member Countries (MCs) with the resources needed to help the underprivileged transition from financial inclusion to empowerment.

In 2019, the Board of Directors of ISFD approved the creation of “The NGOs Empowerment for Poverty Reduction Program (TADAMON).” Since its establishment, 33 OIC member countries have endorsed the TADAMON program and nearly 3,000 CSOs have registered for the platform.

With project implementation currently active in 21 countries, ISFD invited the seven best CSOs participating in the TADAMON Accelerator program, founded in 2020, to attend the forum and the 2023 IsDB Group Annual Meetings.

The ISFD Poverty Alleviation Forum’s agenda also included the screening of a video displaying TADAMON’s recent updates and its primary objective to support humanitarian causes. Following the video display, a panel discussion was held addressing the nexus between microfinance and poverty reduction and the role of CSOs to reduce poverty cases within Saudi Arabia.

Moderated by Tariq Qureishy, Founder and CEO of MAD Talks, the panelists for the session included Fahad Al-Sulaiti, CEO of Education Above All, Mohammad Al-Khamis, CEO of Al-Rajhi Development Foundation, and Abdulmohsen Al Turki, VP of Growth and Strategy of the National Center for Non-Profit Sector (NCNPS).

The session also featured three panelists who represented award-winning CSOs participating in the TADAMON Accelerator. These panelists included Nasser Diallo, Founder of Clinic+O (Guinea), Maysoon Badi of the Urban Development Think Tank (Sudan), and Aya Hrout of the Youth Innovation Forum (Jordan).

The session encouraged participants to highlight the essential role that CSOs play in contributing to the welfare of local communities in the humanitarian sphere, pinpointing the need for government support to create an enabling environment for CSOs. The participants in the forum’s panel also shared their personal experiences regarding projects underway that have helped change lives and support the alleviation of poverty.

Underdeveloped communities within the 57 OIC MCs currently face a range of pressing socio-economic challenges including poverty, fragility, violent conflicts, food insecurity, and natural disasters. Utilizing IsDB’s catalyst role and leveraging financing from other partners, ISFD currently leads a number of poverty reduction programs covering agriculture, integrated rural development, education, and women empowerment amongst others.

The fund has supported programs which include the Alliance to Fight Avoidable Blindness (AFAB), the COVID-19 Emergency Response Initiative (ICERI), the Regional Soil Fertility Program, and the Out of School Children Program (OOSC).

Jeddah, Kingdom of Saudi Arabia, 11 May 2023 – The Federation of Contractors from Islamic Countries (FOCIC) has held a successful General Assembly meeting on the sidelines of the ongoing 2023 Islamic Development Bank (IsDB) Group Annual Meetings in Jeddah, Kingdom of Saudi Arabia.

The FOCIC was re-established in 2022 to support and advance the construction industry across 57 member countries of Islamic Development Bank Group. The Federation aims to play a significant role in national and regional development.

FOCIC Chairman, Engineer Zakria Al-Abdelgadir, who also heads the Saudi Contractor Authority, reported significant progress made in preparing the FOCIC’s rules and procedures and establishing the federation’s headquarters in Riyadh, Kingdom of Saudi Arabia.

IsDB, as per the MoU signed in 2020 with FOCIC, remains committed to supporting the FOCIC in undertaking research, enhancing technical expertise and creating employment opportunities in construction industries in member countries. The Islamic Development Bank also encourages joint ventures of companies in member countries to participate in business opportunities provided for IsDB-financed projects.

During the meeting, IsDB made a presentation on procurement guidelines as well as business opportunities created through IsDB projects. All these opportunities are published online. IsDB project procurement opportunities are mostly limited to contractors from the Bank’s member countries.

FOCIC aims to guide contractors in member countries towards professionalization and building technical capacity of construction industry. Working together, the construction industry can contribute to realizing economic growth and development in Islamic countries.

The General Assembly of FOCIC discussed avenues for building partnerships, collaboration, and enhancing knowledge sharing and communication, increasing membership, and tapping into global business opportunities. Joint ventures with other contractors, both from MCs and non-MCs.

FOCIC’s vision is for the common benefit of developing a strong construction industry in member countries. Overall, FOCIC is on the right path to achieving its mission and objective. FOCIC’s efforts to enhance the construction industry will go a logway to realize significant impact on the economies of member countries and promote sustainable development.

JEDDAH, Kingdom of Saudi Arabia, 11 May 2023 – In conjunction with the IsDB Group Annual Meetings underway in Jeddah, Kingdom of Saudi Arabia, the Islamic Development Bank (IsDB) and its affiliated private sector institutions launched the 11^th edition of the Private Sector Forum (PSF).

Taking place from 11-13 May 2023 at a dedicated PSF Pavilion within the King Abdullah Congress Center-Ritz Carlton Hotel, Jeddah, PSF serves as a solution-oriented medium to connect global business communities. The three-day event seeks to provide the participants with a chance to establish and consolidate commercial relationships, and to network and explore trade opportunities available within IsDB Member Countries (MCs) and its partners.

Held under the theme of “Partnerships to Fend off Crises,” the 11th edition of PSF is set to be attended by more than 2,000 people from 80+ countries, providing an engaging platform for participants to listen to more than 70 industry experts speak during the forum’s sessions. 

With the aim of further encouraging economic and social development among IsDB member countries, PSF 2023 also covers the ongoing initiatives, programs and support provided by IsDB in its 57 member countries.

In his keynote speech at PSF opening ceremony, IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, said: “The IsDB Group’s Private Sector Forum is a collaborative, forward-thinking event by which attendees are able to convene and discuss key developments related to private sector growth. We also aim to give PSF participants the chance to explore solutions for specific economic challenges including investment insurance and export credit implementation which are key to supporting growth and development. We look forward to providing a fantastic event as we explore the next steps in enhancing connectivity among global business communities.”

The inaugural session of PSF under the theme “Building Resilience through Private Sector Partnerships,” showcased how partnerships within the private sector are pivotal to achieving the IsDB Group’s private sector strategy. The session explored concrete cases of effective PPPs, saw examples of synergy between private sector entities and aimed to seek collaboration to address pressing development issues.

Combining its diverse products and expertise in trade finance, risk mitigation, credit enhancement, and long-term financing instruments, IsDB Group’s entities maximize the Group’s value proposition by delivering on its mandates. By fostering an environment that encouraged collaboration and engagement, PSF allows participants to discuss several key challenges which hinder the respective business communities in MCs. The IsDB Group entities include the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the International Islamic Trade Finance Corporation (ITFC), and the Islamic Corporation for the Development of the Private Sector (ICD).

JEDDAH, Kingdom of Saudi Arabia, 11 May 2023 – Islamic Development Bank (IsDB) President and Group Chairman, H.E. Dr. Muhammad Al Jasser, and Minister of Economy and Finance of the Republic of Benin who is also Chairman of IsDB Board of Governors, H.E. Romuald Wadagni,  addressed the media during a press conference held as part of the 2023 Annual Meetings of the IsDB Group taking place in Jeddah, Kingdom of Saudi Arabia, from 10-13 May.

Opening the press conference, H.E. Dr. Muhammad Al Jasser expressed profound appreciation to The Custodian of The Two Holy Mosques, King Salman bin Abdulaziz Al Saud, for his patronage of the Annual Meetings. He also extended profound gratitude to His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia for the generous support and warm hospitality extended by the country’s government to the event and its participants.

H.E. Dr. Al Jasser congratulated H.E. Wadagni on his chairmanship of the Board of Governors of the IsDB and commended his exemplary leadership during the current tenure of the Board.  

Speaking on the Islamic Development Bank’s vision and objectives as a leading AAA-rated multilateral development bank (MDB), H.E. Dr. Al Jasser highlighted the role the Bank plays in improving the lives of people in its member countries and Muslim communities worldwide, by promoting social and economic development and delivering impact at scale. Established in 1975, the Bank currently serves its 57 member countries from four continents, in addition to Muslim communities from non-member countries – through their respective governments – and its operations impact one-fifth of the world’s population.

H.E. Dr. Al Jasser said that IsDB Group’s net financing for various sustainable development programs and initiatives since its establishment until 2022 amounted to a total of US$ 170.5 billion. Its annual net approvals increased by 18.5% to reach US$ 10.5 billion in 2022, up from US$ 8.9 billion in 2021. Various economic sectors received IsDB Group’s financing support during the past year, including energy (40.8%), industry and mining (14.4%), agriculture (12.6%), finance (8.6%), transportation (8.5%), water and sanitation (4.8%), health (3.6%), education (3.2%) and others (3.5%).

Shedding light on the Bank’s achievements, H.E. Dr. Al Jasser explained that IsDB maintained its ‘AAA’ credit rating with a stable outlook in 2022. He asserted that it was the 26^th time that the Bank has achieved this outstanding rating from S&P Global Ratings, the 16th time from Moody’s, and the 15th time from Fitch Ratings.

For his part, H.E. Wadagni commented: “On behalf of the Board of Governors of the IsDB, I commend the Management and Board of Executive Directors for their deep commitment to supporting member countries to achieve sustainable development. Their visionary thinking and thorough understanding of the pertinent and emerging development challenges facing member countries prompted the realignment of the strategic vision of the IsDB Group to focus on promoting comprehensive human development and sustainable infrastructure toward boosting economic recovery, tackling poverty, building resilience, and driving green economic growth.”

The Board of Governors of IsDB is the highest authority of the Bank. Each member country of the Bank is represented on the Board with a Governor and an Alternate Governor. The Board meets once a year to consider and approve the financial statements for the previous fiscal year, appoint external auditors, and lay down the future policies of the Bank

Held under the theme of “Partnerships to Fend off Crises,” the four-day 2023 IsDB Group Annual Meetings have brought together policymakers, business leaders, senior executives and attendees representing more than 100 countries at the King Abdullah Congress Center – The Ritz-Carlton Jeddah. The 2023 edition of IsDB Group annual meetings seeks to provide an engaging, solution-oriented platform for participants to discuss current financial, economic and development issues faced by IsDB Group member countries and its partners.