Iran to participate in increasing capital of Islamic Development Bank

Iranian Finance and Economic Affairs Minister Ehsan Khandouzi said, Iran as one of the major shareholders of the Islamic Development Bank (IsDB), is implementing new measures to participate in increasing the bank’s capital.

Khandouzi made the remarks in a meeting with IsDB Chairman Muhammad Sulaiman Al Jasser on the sidelines of the annual meeting of the bank’s Board of Executive Directors in Jeddah, IRNA reported.

In this meeting, while pointing to the milestones of joint cooperation, the parties emphasized on removing the related obstacles and problems in the path of this cooperation.

Referring to the efforts made by the Iranian government to remove existing cooperation obstacles, Khandouzi pointed out the emphasis of the president of the Islamic Republic of Iran on strengthening joint cooperation with IsDB and solving the problems and challenges in the path of these interactions.

Al Jasser pointed out that the challenges facing the bank during the years of the Coronavirus pandemic and requested that the Islamic Republic of Iran, like other senior shareholders of the bank, supports the increase of the bank’s capital and fulfills its obligations to the bank.

The Islamic Development Bank is a multilateral development finance institution that is focused on Islamic finance for infrastructure development and is located in Jeddah, Saudi Arabia. There are 57 shareholding member states with the largest single shareholder being Saudi Arabia.

 

IsDB Annual Meetings being held in Jeddah

The Islamic Development Bank (IsDB) Group has announced to hold its Annual Meetings in Jeddah, Kingdom of Saudi Arabia, from May 10th to 13th, 2023, under the patronage of The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud.

The meetings will take place under the theme "Partnerships to Fend off Crises," highlighting the importance of collaboration in addressing challenges faced by IsDB member countries.

The IsDB Group Annual Meetings serve as a significant platform for global leaders, policymakers, development practitioners, and other stakeholders to come together and discuss critical development issues.

This year's meetings will also include the Private Sector Forum (PSF), hosted by the IsDB Group entities comprising the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the International Islamic Trade Finance Corporation (ITFC), and the Islamic Corporation for the Development of the Private Sector (ICD). The PSF aims to provide a unique platform for networking, establishing business relations, and exploring investment and trade opportunities offered by member countries.

The four-day event will feature high-level plenary sessions, interactive panel discussions, technical sessions, and side events covering a wide range of topics, including poverty alleviation, infrastructure development, health, education, food security, climate change, and innovation. The Annual Meetings will provide a platform for member countries to showcase their development projects and initiatives, fostering partnerships for impactful outcomes.

In addition to the official program, the Annual Meetings will offer opportunities for networking, knowledge sharing, and engagement with global leaders and experts in the field of development. The IsDB Group will also host a dedicated exhibition space, showcasing the Group's innovative projects and initiatives, as well as the achievements and success stories of its member countries.

The 2023 IsDB Group Annual Meetings will bring together a diverse group of stakeholders, including ministers from the 57 member countries, senior government officials, heads of international organizations, representatives from the private sector, civil society, academia, and the media, among others.

The occasion will provide a conducive environment for dialogue and collaboration, with the aim of identifying actionable solutions to foster inclusive and sustainable development in IsDB member countries.

As IsDB Group continues its mission to promote economic and social development in its member countries, the Annual Meetings serve as a crucial platform to advance the bank's strategic priorities and initiatives. With the theme of "Partnerships to Fend off Crises," the IsDB Group is committed to fostering meaningful partnerships to address the challenges faced by its member countries and beyond and drive positive change.