2023-05-16 00:40:32
(Remarkable presence of Benin in JEDDAH in Kingdom of Saudi Arabia)
(Over $10 billion approved in 2022 vs. 8.9 in 2021)
The Islamic Development Bank (IDB) Group held its annual meetings from May 10 to 13, 2023 in Jeddah, Kingdom of Saudi Arabia. The meetings were held under the theme: “The Partnership: An imperative in the face of Crises”. More than 4000 participants took part in the work. The Minister of State for Economy and Finance, Chairman of the Board of Governors of the IDB, Romuald WADAGNI represented Benin at this important meeting. Opportunity for the President of the IDB Group, His Excellency Dr. Al JASSER to congratulate His Excellency Romuald WADAGNI on his chairmanship of the Board of Governors of the IDB and salute his exemplary leadership during the ending term of the Board.
The IDB Group’s Annual Meetings provide an important platform for world leaders, policy makers, development practitioners and other stakeholders to come together and discuss critical development issues. During the meetings of this year 2023, several activities including the Private Sector Forum (PSF) were organized by the entities of the IDB Group, in particular the Islamic Corporation for the Insurance of Investments and Export Credits (ICIEC ), the International Islamic Trade Finance Corporation (ITFC) and the Islamic Corporation for Private Sector Development (ICD). The Private Sector Forum held on Thursday, May 11, 2023 was an opportunity for networking, establishing business relations and exploring investment and trade opportunities offered by member countries. A panel made up of experts from the world of finance served as a framework for exchanges between investors. Afterwards, an inaugural press conference was organised. Opportunity for the Chairman of the Board of Governors and the President of the IDB Group to highlight the Group’s financing for the past year and to make projections. In his keynote address, Dr. Muhammad Al JASSER said that the Bank Group’s net financing for various sustainable development programs and initiatives since its inception until 2022 amounted to a total of USD 170.5 billion. Also, the IDB Group’s annual net approvals increased by 18.5% to reach USD 10.5 billion, compared to USD 8.9 billion in 2021. Various economic sectors have received financial support from the IDB Group during the previous year, notably energy (40.8%), industry and mining (14.4%), agriculture (12.6%), finance (8.6%), transport (8.5%), water and sanitation (4.8%), health (3.6%), education (3.2%) and other (3.5%). The Chairman of the Board of Governors, Romuald WADAGNI also expressed his gratitude to his peers for allowing him to chair the Board for a year. Romuald WADAGNI said he was grateful for this trust and praised the actions of the IDB for poverty reduction. The official opening ceremony was conducive for the two personalities to return in detail to the actions of the IDB since its creation, its vision, its missions, the results obtained for nearly 50 years and especially the prospects. Speaking on the vision and goals of the Islamic Development Bank as a multilateral development bank, Dr. Muhammad Al JASSER highlighted the role the bank plays in improving the lives of people in its member countries and communities. Muslim communities around the world, promoting social and economic development and delivering impact at scale. Established in 1975, the bank currently has 57 member countries on four continents, in addition to Muslim communities in non-member countries, through their respective governments, and its operations impact one-fifth of the world’s population. For his part, the Minister of Economy and Finance of Benin, Chairman of the Board of Governors indicated that the IDB Group has established a solid track record of responsiveness to the changing development needs of its member countries in recognition of the dynamic of the global economic and development landscape. On behalf of the Board of Governors, Romuald WADAGNI congratulated the Management and the Board of Directors of the IDB Group for their ideas and their deep commitment to helping member countries achieve sustainable development.
The 2023 Annual Meetings of the IDB Group brought together participants from different stakeholders, such as Ministers of Finance and Planning from the 57 member countries, senior officials, heads of international organizations, representatives of the private sector, the civil society, academia and the media, among others. The 2023 Annual Meetings provided the framework for dialogue and collaboration, with the aim of identifying concrete solutions to foster inclusive and sustainable development in IDB member countries. Private sector development is one of the main pillars of the priorities of the Islamic Development Bank Group (IDB Group). The round table of governors and the closing press conference were the highlights of the last day of the annual economic and financial meeting of the Islamic Development Bank (IDB). At the end of the IDB’s 2023 Annual Meetings, 77 Financing Agreements worth USD 5.4 Billion were signed. The IDB Group’s Board of Directors has also approved financing totaling over USD 558 million for six projects focused on supporting inclusive growth and infrastructure development in member countries.
Gideon VEGBA
From JEDDAH (Kingdom of Saudi Arabia)
External collaboration
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#Private #sector #development #priority