Islamic Development Bank to Draft Strategy Aligned with the Vision of Member Countries

Jeddah, Saudi Arabia  28 April 2024- The Islamic Development Bank (IsDB) marked its Golden Jubilee today in Riyadh, Saudi Arabia, with the Bank’s President, H.E Dr. Muhammad Al-Jasser highlighting the institution's growth over five decades and its commitment to serving future generations.

"This is a moment of pride and esteem that stands as testimony to the great efforts exerted by everyone concerned," Dr. Al-Jasser said, crediting the initiative of King Faisal bin Abdulaziz and other Islamic leaders for establishing the IsDB in 1975.

Originally a single institution with 22 member countries, the IsDB has grown into a group of five institutions serving 57 member states across four continents. Its total project approvals have surpassed $182 billion since inception.

Dr. Al-Jasser expressed gratitude to the Kingdom of Saudi Arabia for hosting the celebration and for its continuous support throughout the IsDB's journey. He also commended member countries, partner development organizations, Board members, past IsDB leadership, and staff for their contributions.

"These achievements were enabled primarily by the grace of Allah Almighty and subsequently by the concerted efforts of our member countries," he said, acknowledging the role of development partners and IsDB staff in building "a world-class development institution."

Looking ahead, Dr. Al-Jasser emphasized the IsDB's commitment to charting its future course. "We are currently studying plans to draw up a new strategy ... that contemplates the future, aligns with the ambitious visions of our member countries," he stated.

The IsDB President concluded by reiterating the institution's dedication to serving humanity and contributing to the socio-economic development aspirations of its member countries, not just for present challenges but also for future generations.

He expressed renewed thanks to the Saudi Arabian government for its hospitality, led by King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman.