The Ministry of Finance participates in the consultative meeting of the Board of Governors of the Islamic Development Bank
Medina, 12 January / WAM / His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, headed the UAE delegation to attend the consultative forum of the Board of Governors of the Islamic Development Bank, which was held today in Medina, Kingdom of Saudi Arabia, with the aim of consulting and submitting proposals on developing a ten-year strategic framework. For the group and chart a new path for the next decade (2026-2035), and define the bank group’s long-term strategy, in addition to two successive five-year strategies for the bank that define a road map. Detailed. The UAE delegation included Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations, and Hamad Issa Al Zaabi, Director of the Office of His Excellency the Minister of State for Financial Affairs. The forum was attended by His Excellency Aziz Fayed, Algerian Minister of Finance, Chairman of the Islamic Development Board of Governors, His Excellency Mohammed bin Abdullah Al-Jadaan, Saudi Minister of Finance, His Excellency Dr. Mohammed Al-Jasser, President of the Islamic Development Bank Group, His Excellency the Governors and Alternate Governors of the Islamic Development Bank, and the executive directors and directors of the group’s institutions. Bank.
During the round table meeting of His Excellency the Governors, His Excellency Mohammed bin Hadi Al Husseini expressed the UAE’s appreciation for the strategic partnership with the Islamic Development Bank Group, praising the achievements achieved by the group over the past fifty years.
His Excellency pointed out the importance of adopting a bold and innovative approach to confront changing global challenges, working to align the new planning cycle of the Bank Group with the aspirations of shareholders and emerging global priorities, and launching influential initiatives in order to support sustainable development, advance growth and build resilience in member countries, stressing that the goal is The goal is to make the Islamic Development Bank Group the preferred development partner for member countries by providing impactful and sustainable development solutions.
His Excellency noted the importance of the Bank Group’s focus on contributing to the growth of emerging economies, focusing on financing priority development areas, and promoting investment in the renewable and sustainable energy sector, using innovative financial products and services. This requires the Bank to develop foundations for early inquiry and proactiveness in anticipating opportunities and developing resilience. to economic fluctuations.
He called for developing mechanisms for early preparedness for crises and disasters, and strengthening partnerships with banks and innovation funds to support emerging projects in member countries. His Excellency also called on the Bank Group to take advantage of advanced and digital technology to develop operational processes and procedures while evaluating and comparing the impact with the cost of the available operational resources.
His Excellency stressed the importance of strengthening the role of the Bank Group by providing sustainable and effective financing solutions, implementing strategic projects for low-income Islamic countries, and combating poverty by strengthening partnerships with development banks to support and provide financing to emerging companies and small and medium enterprises to contribute to creating new job opportunities for the youth.
He pointed out the need to maximize the benefit of the multiple comparative advantages that the bank enjoys as it is the only multilateral international development institution that operates in accordance with the principles of Islamic Sharia, and to benefit from the solidity of its position, which helped it to maintain the highest credit rating, which is AAA, granted by international rating agencies since 2006.
He stressed the need to achieve the required balance between covering financing obligations to member states on the one hand, and maintaining the financial stability of the group on the other hand, in addition to the effective mobilization of resources and the rational distribution of these resources to expand the scope of their development impact.
The forum included two working sessions that dealt with deliberations and directions regarding the strategic framework working document, in addition to the final session that focused on future prospects.
The working document was reviewed and discussed in depth with the aim of improving and analyzing it before presenting the final strategic framework to the group’s boards of directors in preparation for its adoption during the annual meetings in 2025.
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