"Finance" Participates in the meetings of the Board of Governors of the Islamic Development Bank Group in Riyadh
RIYADH, APRIL 30, WAM/ The Ministry of Finance participated in the annual meetings of the Islamic Development Bank Group for the year 2024, which were held in the Saudi capital, Riyadh, during the period from April 27 to 30, and coincided with the bank’s celebration of its golden jubilee under the slogan “Pride in our past and shape our future: authenticity.” Solidarity and prosperity.”
His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, headed the state delegation, which included His Excellency Younis Haji Al Khouri, Undersecretary of the Ministry, Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations, and a number of specialists in the Ministry.
His Excellency Mohammed bin Hadi Al Husseini stressed that the group’s annual meetings represent an important platform to discuss ways to enhance cooperation among Islamic member countries, achieve sustainable and comprehensive development in them, and transform their economies into sustainable and diversified economies capable of withstanding and facing crises.
During the round table meeting of His Excellency the Governors, which was held under the title “A Soft Window for Least Developed Countries in the Islamic Development Bank,” His Excellency Mohammed bin Hadi Al Husseini touched on the importance that the UAE attaches to the stability and prosperity of developing and least-income countries, stressing the UAE’s continued provision of foreign aid programmes. And international development that aims to meet the needs of peoples, reduce poverty, and contribute to building financing for pioneering development projects.
His Excellency pointed out the need for the Bank to take concrete measures that enable it to increase its concessional financing to the least developed member countries to enhance its development capacity and support the achievement of sustainable development goals, in addition to helping members manage the risks of crises and disasters, by providing new financing solutions to enhance development in member countries.
His Excellency stressed the importance of the support and contribution of the Islamic Bank Group and its organizational structures, such as the Islamic Solidarity Fund for Development, to increase the impact on Islamic societies and people’s lives, with the participation of private sector institutions in implementing sustainable development projects in support of development.
He pointed out the need to enhance coordination of efforts between multilateral development banks to increase financing in light of the great needs of the least developed countries, and the importance of exploring new ways to enhance blended financing.
During the celebration of the golden jubilee of the founding of the bank, His Excellency stressed that the relationship between the UAE and the Islamic Development Bank Group represents a model of a strategic partnership to be emulated to achieve sustainable development in many member countries.
He praised the bank’s maintenance of its current credit rating of “AAA” despite the continuous change in the circumstances of some members affected by political, economic and environmental crises, stressing the importance of unifying efforts and working to avoid any negative impacts on the group.
The annual meetings included holding a plenary session of the Board of Governors of the Islamic Development Bank Group, and a round table meeting of governors to discuss the most prominent economic challenges facing Islamic countries and future opportunities, in addition to a series of seminars, sessions and accompanying events in the presence of experts from governments, international and regional organizations, and the Private Sector Forum of the Islamic Development Bank Group. The role of small and medium-sized companies and charting the path to enhance financing for sustainable development goals.
Ministers of economy, planning and finance from the Bank’s 57 member states participated in this occasion, in addition to representatives of international and regional financial institutions, Islamic banks, private sector companies, national and international development financing institutions, international and regional organizations, non-governmental organizations, and chambers of commerce and industry. , and business councils.
The meetings included a series of side events attended by high-level experts from governments, international and regional organizations, the private sector, academia and civil society, in addition to seminars, regional briefings, press conferences and other events focusing on social and economic development and regional and international cooperation.
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