RIYADH: Since its establishment over 30 years ago, the Islamic Development Bank has supported its member states with $151 million in the form of investments and trade deals, said the top executive of the bank.
In his opening remarks at the 12th Private Sector Forum held on the sidelines of the 18th IsDB annual meetings in Riyadh on Sunday, the bank’s president, Mohammed Sulaiman Al-Jasser, said the financial institution has pumped in over $108 billion to support development projects in member states since its inception.
Speaking about the event, the IsDB chief said it offers potential investors an opportunity to network, exchange experiences, establish partnerships, and launch trade initiatives.
Al-Jasser said it is “a very good opportunity” to explore different opportunities and services provided by various IsDB institutions to support the private sector’s development.
He said the IsDB’s body to support the private sector in its member countries has initiated 451 projects worth $6.9 billion across various sectors such as the financial sector, agriculture, and energy.
“It has different investment operations in 50 countries. In 2023, it focused on supporting small and medium enterprises in member states,” Al-Jasser said.
He said the International Islamic Trade Finance Corp. was established in 2008 and has been supporting member states since then with financing facilities. “In 2023 alone, it issues loans worth over $75 million.”
The IsDB president said the bank strongly believed in supporting the private sector in member states.
Al-Jasser went on to say that the IsDB has “also signed many agreements and conventions to make use of the opportunities in the field of investment and trade” in member states.
The annual meetings coincide with IsDB’s golden jubilee, as the institution celebrates 50 years of promoting economic and social development in 57 member countries, under the slogan ‘Taking pride in our past, shaping our future: authenticity, solidarity, and prosperity’ that reflects the bank’s legacy and future goals.
Finance ministers, financial institutions’ representatives, Islamic finance experts, private sector, and non-governmental organizations are participating in the meetings.
Among the annual meetings’ prominent events are the Governors’ Roundtable, the 18th IsDB Global Forum on Islamic Finance, the IsDB Group Private Sector Forum 2024, the Philanthropy Forum, and the Future Vision Symposium, reported SPA.
Discussions address pressing issues such as multidimensional poverty, South-South cooperation, and financing the Sustainable Development Goals.
Meanwhile, the CEOs of the bank’s entities will meet in a strategic session titled ‘Unlocking Economic Potential’ which reflects IsDB’s commitment to promoting economic growth.
