Jeddah – During a press conference held as part of the 2023 annual meetings in Jeddah from May 10 to 13, Mohammed Al-Jasser, president and group chairman of the Islamic Development Bank, and Romuald Wadagni, minister of commerce and finance of Benin, emphasised major accomplishments of the IsDB Group.
The presenters gave an overview of the successes the IsDB Group had in promoting the socioeconomic growth of its member nations in 2022 as well as the difficulties the bank was currently facing.
Al-Jasser gave a press briefing on the vision and goals of the IsDB, a top AAA-rated multilateral development bank, and stated that it was primarily concerned with fostering South-South cooperation in order to identify effective advancements and meet the development needs of the Muslim world.
According to him, the IsDB Group has provided a total of $170.5 billion in net finance for sustainable development initiatives and programmes since its founding and until the year 2022. One-fifth of the world’s population is impacted by the bank’s operations, which include serving its 57 member nations from four continents as well as Muslim communities in non-member nations through their respective governments.
Annual net approvals rose from $8.9 billion in 2021 to $10.5 billion in 2022, an increase of 18.5%. Energy (40.8%), industry and mining (14.4%), agriculture (12.6%), finance (8.6%), transportation (8.5%), water and sanitation (4.8%), health (3.6%), education (3.2%), and other (3.5%) were among the economic sectors that benefited from financial support from IsDB Group in the previous year.
“The focus of our operations in 2022 was on building partnerships to mobilise resources, alleviate poverty, increase food security and resilience, in addition to increasing green growth and sustainable development with the help of our partners and stakeholders,” Al-Jasser added.
He listed the accomplishments of the bank and mentioned that IsDB had kept its “AAA” credit rating with a stable outlook for 2022. The bank received this rating from S&P Global Ratings for the 26th time, Moody’s for the 16th time, and Fitch Ratings for the 15th time.
The annual meeting this year, according to Al-Jasser, would offer a lively forum for discussion of economic, financial, and development problems relevant to member nations and their partners. In order to adapt and realign its activities and investment goals, the bank conducted a significant strategy, update, and realignment exercise and developed strong partnerships with member nations and other stakeholders in the developing world.
Romuald Wadagni, the finance minister of Benin, said: “I thank the management and board of executive directors for their insights and profound dedication to enabling member nations to achieve sustainable development on behalf of the IsDB board of governors.
“Their forward-looking thinking and emerging development challenges facing member countries prompted the realignment of the strategic direction of the IsDB Group to focus on promoting comprehensive human development and sustainable infrastructure towards accelerating economic recovery, combating poverty, constructing resilience, and fostering green economic growth,” he said.
The four-day 2023 IsDB Group annual meetings, with the topic “Partnerships to fend off crises,” aim to give participants a venue to address current financial, economic, and development concerns faced by member nations and partners.