Business & Money | Thursday 14 December, 2017 1:36 am |

The Islamic Development Bank (IsDB) 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 given by Eng. Hani Salem Sonbol, CEO ITFC on behalf of H.E Dr. Bander ALHajjar, President of the Islamic Development Bank (IsDB) Group, during the ministerial consultative meeting of the Organization of Islamic Cooperation’s member countries held on the side 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 economical, and social challenges, most visible of which are the accelerated growth of population, climate change, and increase of unemployment rates, especially among youth. 

 

He  added: “To meet these challenges, the bank depends on the 1440H vision, in addition to, the bank’s ten-year strategic framework, and the bank’s president five- year program, which focuses on enhancing the group’s fieldwork presence, efficiency & empowerment, increase the awareness of IsDB, and enhancing the ties with development partnersand finally, the acquisition of science and innovation in introducing the Bank's model of finance and financial governance and providing integrated development solutions

 

He continued “We sincerely hope that the five-year program will contribute in supporting the member countries’ efforts towards finding effective solutions to the developmental challenges that face them”. 

 

In an expansionary move by the IsDB Group to finance the private sector in Islamic countries, Eng. Hani has announced on behalf of the IsDB Group President, that five new branches 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 will play a crucial role in providing developmental assistance to member countries more effectively.

 

The Chairman of the Group stressed in his speech 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 parts, the ministers have stressed on the Islamic Development Bank’s  developmental role and effective contribution to the 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 was headed by H.E Eng. Tariq Qabeel, the Egyptian Minister of Trade and Industry, and  the meeting was attended by most of the member countries participating in the World Trade Organization ministerial meetings held from 10 to 13 December 2017.