Jeddah : The Islamic Development Bank (IDB) Group has affirmed its commitment to further strengthen the mechanisms of economic and trade cooperation, expand and deepen partnerships among member countries in the fields of trade, investment and finance, as well as mobilize the necessary resources to meet economic challenges and achieve sustainable development.
This came in a speech delivered by Eng. Hani Salem Sonbol, CEO of ITFC on behalf of IDB president Dr. Bandar Hajjar, during the ministerial consultative meeting of the member states of Organization of Islamic Cooperation held on the sidelines of World Trade Organization’s 11th Ministerial Conference opened recently in Buenos Aires.
In his speech, Eng. Hani explained that the member countries are facing many economic, and social challenges, most visible of which are the accelerated growth of population, climate change, and an increase of unemployment rates, especially among youth.
“To meet these challenges, the Bank depends on the 1440H vision, in addition to the Bank’s ten-year strategic framework, and the Bank president’s five- year program, which focuses on enhancing the Group’s fieldwork presence, efficiency & empowerment, increase the awareness of IDB, and enhancing the ties with development partners and finally, the acquisition of science and innovation in introducing the Bank’s model of finance and financial governance and providing integrated development solutions.
“We sincerely hope that the five-year program will contribute to supporting the member countries’ efforts towards finding practical solutions to the developmental challenges that face them.”
In an expansionary move by the IDB Group to finance the private sector in Islamic countries, Eng. Hani has announced, on behalf of IDB President, that five new offices will be established in Egypt, UAE, Suriname, Uganda, and Bangladesh in the coming period to play a crucial role in providing development assistance to member states more effectively. He affirmed that these new offices would play a crucial role in providing developmental assistance to member countries more effectively.
He stressed the importance of lifting the levels of intra-OIC trade, noting that this represents a strategic objective of the Group in the context of economic globalization and the resulting emergence of international economic entities and interests that do not pay attention to small and marginal entities, And the application of the WTO Agreements with all the principles and standards established for trade practices between States.
On their part, the ministers have stressed on IDB’s developmental role and effective contribution to developing the capacities of the countries in the fields of trade, regional integration, and cooperation. Pointing out the need for the Bank to continue its support of member countries in WTO accession issues, trade facilitation and services and new issues for negotiation.
The meeting, chaired by Eng.Tariq Qabeel, the Egyptian minister of trade and industry, was attended by most of the member countries participating in the WTO ministerial meetings held from 10 to 13 December 2017.