Statement by H.E. the Chairman of IsDB Group, Dr Muhammad Sulaiman Al Jasser at the opening press conference of the Islamic Development Bank’s 2022 Annual Meetings. The theme of the annual meetings is “Beyond Recovery: Resilience and Sustainability”. The meetings started on Thursday 2nd June 2022 and are expected to be concluded on Saturday 4th June 2022. The speech was delivered in Egypt, Sharm El Sheikh.
Thanks, and acknowledgements
First, I would like to extend special thanks and gratitude to H.E. Abdel Fattah El Sisi, President of the Republic of Egypt, for his patronage of the Annual Meetings of the Islamic Development Bank Group.
I also thank Her Excellency Dr. Hala El Said, Minister of Planning and Economic Development and Chairwoman of IsDB’s Board of Governors, for her leadership and support in organizing these meetings. Through her, I would also like to thank the government and the people of Egypt for the warm welcome, generous hospitality, and excellent arrangements put in place.
Let me also warmly thank all media representatives who have come here to attend our Annual Meetings. We are delighted with your presence. You are our partners in the journey towards sustaining comprehensive development in the IsDB member countries.
Highlights on IsDB Group
Let me first give you a brief introduction about the Islamic Development Bank Group:
- The Islamic Development Bank (IsDB) is a multilateral development bank (MDB) that helps transform the landscape of comprehensive human development by improving the people’s lives in its member countries by promoting socio-economic development and making an impact at scale.
- The IsDB brings together 57 member countries across four continents, and Muslim communities in non-member countries, touching the lives of 1 in 5 of the world population.
- The IsDB is also one of the world’s most active multilateral development banks, distinguished by its global leadership in Islamic finance. It provides finance, expertise, and knowledge and builds partnerships for advancing sustainable development.
- IsDB is also a unique MDB. Its membership is drawn entirely from the ‘Global South’ across several continents, resulting in a strong orientation and support for South-South cooperation to identify meaningful development solutions and address the Muslim world’s particular development needs and priorities.
- Established in 1974, about half a century ago, the IsDB has evolved from a single entity into a vibrant group of five entities delivering impact and value to our members: in addition to the IsDB, the Group comprises the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), the Islamic Development Bank Institute (IsDBi) and the International Islamic Trade Finance Corporation (ITFC).
- The IsDB Group has provided more than US$162 billion in cumulative financing, covering more than 11,000 projects in its 57 member countries and Muslim communities in non-member countries.
- For Egypt, the total volume of IsDB Group Interventions amount to US$ 17.8 billion. Energy is our first sector with 60% of the total financing envelop, followed by Agriculture (18%), Real estate (11%), and Industry & Mining (9%).
- The IsDB has been maintaining for about two decades its AAA rating by the three major rating agencies (S&P, Fitch and Moody’s).
IsDB Group Annual Meetings at a glance
The theme of this year’s annual meeting is “Beyond Recovery: Resilience and Sustainability.” It reflects IsDB Group’s continuous commitment to support our member countries and clients worldwide in dealing with the aftermath of the COVID-19 pandemic and the ramifications of the current global food, energy, and financial crises.
On behalf of the IsDB Group, I welcome all the participants to the Annual Meetings of the Group, which will feature:
- the 47th Annual Meeting of the Board of Governors of the IsDB,
- the 29th Annual Meeting of the Board of Governors of the ICIEC,
- the 15th Annual Meeting of the Board of Directors of the ISFD,
- the 22nd General Assembly of ICD, and
- the 17th General Assembly of the ITFC.
I also welcome the members of and participants in the following institutions that will hold their general assemblies on the sidelines of our Annual Meetings:
- The Association of National Development Finance Institutions in Member Countries of the Islamic Development Bank,
- The Federation of Consultants from Islamic Countries, and
- The Federation of Contractors from Islamic Countries
During this year’s Annual Meetings, some flagship events will take place, and I invite you to cover them extensively, namely:
- The Private Sector Forum, which will gather business leaders across the world.
- The 16th IsDB Global Forum on Islamic Finance under the theme, “Reducing Poverty through Social Innovation and Social Entrepreneurship.”
- The IsDB Resilience Forum focused on “Recovery, Preparedness and Path to Sustainability.”
- The Impact Committee of the Lives & Livelihoods Fund.
During these three days, various other knowledge-sharing side events will be held, featuring top-level panellists from governments, international and regional organizations, the private sector, academia, and civil society.
These side events will provide a dynamic platform to discuss economic, financial, and development issues of current interest to member countries and their partners.
Key development results achieved in 2021
Turning to the key development results that we achieved in 2021, I am delighted to share that, last year, the projects we financed resulted in significant development outcomes that have contributed to the socio-economic development of member states. Indeed, in 2021, IsDB’s completed projects impacted the lives of more than 121 million people. They have enabled:
- 83 million people to have access to improved healthcare services;
- 60 million new subscribers to connect to the internet;
- 35 million households to benefit from improved access to energy infrastructure through an increased electricity generation of 24,000 megawatts (MW);
- 2 million households to have access to better water, sanitation and urban services;
- 2 million students to benefit from education initiatives;
- 80,000 farmers to improve their lives through interventions in agricultural services and investments;
- 655,000 people to benefit from employment and livelihood opportunities;
- 88,000 hectares of land to be irrigated, resulting in 256,000 tons increase in various crop production.
- 3,146 km of transportation infrastructure to be built or rehabilitated.
The developmental results from the projects completed in 2021 have addressed nine of the most needed Sustainable Development Goals (SDGs), namely:
- SDG 1 (No poverty),
- SDG 2 (Zero hunger),
- SDG 3 (Good health and well-being),
- SDG 4 (Quality education),
- SDG 6 (Clean water and sanitation),
- SDG 7 (Affordable and clean energy),
- SDG 8 (Decent Work and Economic Growth),
- SDG 9 (Industry, innovation and infrastructure),
- SDG 13 (Climate action), and
- SDG 17 (Partnerships to achieve the goals).
I must say that these accomplishments would not have been possible without the sincere efforts of the governments of our member countries and partners. I seize this opportunity to express my sincere appreciation to them for their continued support of the Bank.
Concluding statements
Before I conclude, I would like to say that these Annual Meetings will be an opportunity for us to hear directly from the Governors and other IsDB Group stakeholders, clients, and partners about their aspirations and expectations.
I invite you to engage actively with all our stakeholders and learn more about the IsDB Group, our member countries and our clients from the public and private sectors. I am sure that you will take this opportunity to get better acquainted with the Bank Group’s activities.
I look forward to your comprehensive coverage of these Annual Meetings and their related side events. I will be seeing you again across the corridors during the coming three days.
Thank you