MoF concludes its participation in IDB meetings
The Gulf Today | April 6, 2018- The Ministry of Finance (MoF) concluded its participation in the 43rd Annual Meetings of the Islamic Development Bank (IDB) Group held in Tunisia. The meeting was attended by 57 ministers of Finance and Economics of the IDB group member countries, and more than 1000 participants representing several Arab, regional and international financial institutions and entities, as well as experts in various economic sectors.
The UAE delegation, headed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, alongside the 43rd meeting of the IDB Group, participated in the meetings of the Supreme Council for the Funds of Al Aqsa and Al Quds, the Fund’s management committee meeting, and participating in the annual periodic meetings for the Group’s institutions, including the eighteenth meeting of the Assembly of Islamic Cooperation for the Development of the Private Sector (ICD). That, in addition to, the 25th meeting of the Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the thirteenth meeting of the General Assembly of the International Islamic Trade Finance Corporation (ITFC), and the eleventh annual meeting of the Board of Governors of the Islamic Solidarity Fund for Development (ISFD).
Al Tayer praised the effective work and contribution of the Bank in helping Islamic countries to achieve comprehensive development and discuss the challenges and opportunities facing member countries’ economies. The Bank has financed 8,195 development projects in various member countries with a total of $125 billion in key sectors, particularly infrastructure. He also highlighted the significant achievements of the Group during 2017, where the Bank adopted $9.8 billion to finance 321 operations from various economic sectors to meet the needs and requirements of the member countries.
He stressed the challenges facing member countries, and that overcoming them requires the continuous efforts of IDB to strengthen the cooperation mechanisms in economic and trade fields, and expand the partnerships with the private sector institutions in trade, investment and finance fields. It is also required to continuously work through strengthening partnerships with international multilateral institutions as well as mobilising the necessary resources to overcome economic challenges and achieve sustainable development.
He also talked about the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) office in the UAE, which serves as a channel for developing the institution’s business; as since its establishment, it has implemented a total of $4.6 billion of insured businesses. He stressed that the International Islamic Trade Finance Corporation (ITFC) announces the opening of its branch in the UAE, where the agreement to open and operate in the UAE was signed in 2016. This will increase the operations of the Corporation, improve revenues and focus on projects and activities that produce and expand trade finance amongst member countries.
In addition to the Board of Governors meeting, the 43rd Annual Meeting of the IDB Group also included the annual meetings of the general assemblies of the affiliated institutions, where the agenda, the annual reports and financial statements of the Group for 2017, the audited accounts of the 2017 financial year were approved.