Ministry of Finance participates in 2024 IsDB Group Annual Meetings

The Ministry of Finance (MoF) participated in the 2024 Islamic Development Bank (IsDB) Group Annual Meetings held from April 27th to 30th, 2024 in Riyadh, Saudi Arabia.

This year’s annual meetings coincided with the Golden Jubilee of IsDB, marking the bank’s 50th anniversary since its establishment.

The Board of Governors and General Assemblies are the IsDB Group’s highest decision-making bodies.

The annual meetings, held under the theme “Cherishing our Past Charting our Future: Originality, Solidarity and Prosperity”, brought together delegations from member countries and observers from international and regional organisations to discuss development issues and institutional matters.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, headed the UAE delegation participating in the meetings, which included Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the Ministry of Finance, and several specialists from the Ministry.

Al Hussaini highlighted that the IsDB Group’s annual meetings are a key platform to discuss ways to enhance cooperation among Islamic member countries, achieve sustainable and comprehensive development within them, and transform their economies into sustainable and diversified economies capable of weathering crises.

During the Governors’ Roundtable Meeting, themed “Pathway to Prosperity for Least Developed IsDB Member Countries”, Al Hussaini noted that the UAE prioritises the stability and prosperity of adeveloping and lower-income countries.

Al Hussaini emphasised the UAE’s continued efforts to provide foreign aid and international development programmes to meet people’s needs, reduce poverty, and contribute to building financing for pioneering development projects.

He also pointed out the need for IsDB to take tangible measures that enable it to increase its concessional financing to least-developed member countries to enhance its development capacity and support the achievement of Sustainable Development Goals, in addition to aiding member countries in managing risks and disasters, by providing new financing solutions to enhance development within them. He praised the contribution of the IsDB Group and its entities, 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 organisations in implementing sustainable development projects.

He noted the need to enhance coordination between multilateral development banks to increase financing, especially in light of the growing needs of the least developed countries, and the importance of exploring new ways to enhance blended financing.

During the Golden Jubilee Celebration, Al Hussaini highlighted that the relationship between the UAE and the Islamic Development Bank Group represents a model of strategic partnership for achieving sustainable development in many member countries.

He also praised the bank for maintaining its current credit rating (AAA) despite the ever-changing circumstances of some member countries that are affected by political, economic, and environmental crises. He emphasised the importance of unifying efforts to avoid any negative effects on the group.

The 2024 IsDB Group Annual Meetings included a plenary IsDB Group Board Meeting and the Governors’ Roundtable Meeting, garnering the participation of the Ministers of Economy, Planning, and Finance from the bank’s 57 member countries, alongside representatives from international and regional financial institutions, Islamic banks, national and international development financing institutions, chambers of commerce and industry, and business councils.

The meetings also included sideline seminars and workshops focused on socio-economic development and international cooperation, attended by top-level experts from governments, international and regional organisations, the private sector, academic and research institutions, and civil society.

Meanwhile Islamic Development Bank (IsDB) President Dr Mohammed Al-Jasser has emphasised the pressing need for long-term solutions and sustainable infrastructure projects in today’s world. He highlighted that financing such projects requires a significant shift in concepts, with estimates indicating a need for $15 trillion to bridge the infrastructure financing gap by 2040.

According to the Saudi Press Agency (SPA), Al-Jasser also noted the inadequacy of public financing mechanisms to meet the increasing demand for infrastructure projects. He stressed the necessity of adopting a new approach to address challenging issues and provide the necessary financing for long-term investments.