(Jakarta) – The UAE concluded its participation in the 41st Annual Meeting of the Islamic Development Bank, IDB, Board of Governors, and the General Assemblies of IDB Group member institutions of the IDB Group in Jakarta Indonesia.
The Ministry of Finance’s (MoF) delegation participated in the second day which included the Supreme Council for the Funds of Al Aqsa and Al Quds, third sessions of IDB Board of Governors, 23rd meeting of the Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the ninth annual meeting of the Board of Governors of the Islamic Solidarity Fund for Development (ISFD), the sixteenth meeting of the Assembly of Islamic Cooperation for the Development of the Private Sector (ICD), the eleventh meeting of the General Assembly of the International Islamic Trade Finance Corporation (ITFC) and the closing session of the IDB Group annual meetings.
Obaid Humaid Al Tayer, Minister of State for Financial Affairs, reviewed the institutions under IDB’s umbrella efforts and their contribution in the success of the ten year strategy. He highlighted the efforts by the Bank’s Group, particularly ICIEC in raising export rates and facilitating foreign investment flow through creating new insurance tools to reduce credit and sovereign risk, enhance trade operations competitiveness and develop operations and solutions to achieve the institutions’ ambitions.
Al Tayer added the importance of IDB providing innovative programmes to overcome challenges faced by Muslim countries and benefit from member states’ expertise in this respective field.
Commenting on ICD, Al Tayer said: “ICD has achieved many successes which is reflected with its net profit and making distribution to its shareholders for the second year. The next stage requires the institution to concentrate on the quality of funded projects, and strengthen partnership between the private and public sector as key drivers for growth, providing job opportunities, and cooperating with international funding institutions particularly those targeting the private sector. ICD should focus on controlling costs and rationalising its spending, to reduce operational costs and enhance the institution’s ability to overcome market fluctuations.”
(Courtesy WAM)
