The Minister passed on Royal greetings from The King to the invitees and participants and reaffirmed the King’s full support of the IDB and the sustainable alliance of member countries working for the empowerment of the Islamic world.
Dr. Alassaf pointed out that the Kingdom abundantly finances the developmental efforts of the Islamic MCs through massive shares in numerous regional and international financial institutions in order to preserve both economical growth and social development in the Islamic world, as well as being at the forefront in aid delivery to needy countries in times of food shortage and natural disasters.
There are major economic challenges facing the Muslim world concurring with the unstable global economy which can only be overcome by specific programs, dedicated to strengthen human resources and to sustain durable economic growth.
The Minister welcomed the IDB’s joint initiative with the World Bank to finance the infrastructure, and the inclusion of international partnerships. He also declared his support for the proposed program of His Excellency the President of the Bank to achieve the leadership role, and position the bank as an information center for resource mobilization. The Minister voiced his confidence in the Jeddah declaration of food security and expressed his hopes that the program would be completed as planned he also thanked the IDB for their active role in helping affected and needy areas and countries.
The Minister thanked all the MCs for their complete support of the Bank, which has been given the AAA credit rating from all the prominent international rating authorities. Furthermore, the Bank’s financial operations totalled $3.8 billion in 2010 alone.
President of the IDB Group, Dr. Ahmad Mohammad El Ali urged to bolster youth participation and provide them with economical, social and political resources to create an equilibrated system better able to respond to the financial and basic human needs; wherein solutions remain in job creation, encouraging foreign investment, customized sustainable development projects and enhancing the ancillary sectors.
In an effort to help progress the goals established by the IDB Group, Dr. El Ali handed the Board of Governors a strategic plan to be developed by 2020 which encompasses stable growth along with sustainable development, inter-relational regional initiatives, education expansion and financial support to productive family businesses.
The minister also met with prominent figures and IDB award winners of 2010.
Islamic Development Bank is an international financial institution that aims to uphold the economic development and social advancement of all Member Countries and the Islamic communities in the non-Member Countries in accordance to Shariah. The Bank has been established upon the Declaration of Intent issued by the conference of the finance ministers of Muslim countries that was held in Jeddah in Shawwal 1393, December 1973. The Bank officially commenced operations in the 15th of Shawwal 1395, 20th of October 1975.