Minister of Finance and IDB Governor for Saudi Arabia Ibrahim Al-Assaf stated this while opening a high-level regional forum on partnering with
Al-Assaf said the bank's financing supports all types of development — infrastructure, transport, health, education and poverty alleviation. It has achieved most of its goals in the last 40 years and brought positive changes in the lives of millions of people in member countries and Muslim communities in non-member countries, which reflects the sense of responsibility of members of the bank.
The bank is determined and poised to do more in the next stage. "We all will have to work hard together to achieve that goal," he said and assured that Saudi Arabia will continue to support the bank.
Al-Assaf commended the role of
He said that those who want to achieve success have to face challenges. The Ummah is facing various challenges by diversifying the economy, carrying out structural reforms, and developing skills.
The IDB is determined and confident to do "what it takes" to perform much better in the next four decades and beyond, Ali said addressing forum.
Ali added that the bank is an organization of the people. It has made a difference in their lives and will continue to do so. "A lot has changed in the 40 years, and continues to change. We look at the future with confidence to face challenges, and strive to be a most trusted partner for member countries, with experience and leadership in terms of their development," he added.
According to him, the bank is an ethical institution, a growing institution striving to achieve inclusive growth, encouraging member countries to attract FDIs (foreign direct investments), broaden PPP (public, private partnership) base, with the participation of women and the youth.
He stated that the bank is open to cooperation with all institutions, agencies and organizations in the world, "which has helped boost development in many countries." Ali said the bank gives priority to the progress and development of least developed member countries (LDMCs). "We are a pioneering financial institution to launch programs for trade financing as early as 1975, which the other institutions criticized by large financial institutions.
He said that by 1440 the bank planned to become a world-class development bank. It will scale up its activities, become more professional, knowledge-oriented, result-oriented, leverage partnerships and be responsive to clients. He added that the bank gives top priority to education.
"We meet today to celebrate 40 years of IDB life, during which period all the members in OIC member countries know IDB's performance in developing most of these countries," prominent businessman
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