Algiers – The Minister of Finance, Laaziz Faid, chaired a meeting on Sunday in Medina, Saudi Arabia, attended by the finance ministers of the 57 member countries of the Islamic Development Bank (IsDB) Group. The meeting focused on the strategic framework for the upcoming decade (2025-2035), according to a statement from the Ministry of Finance.
A Vision for the Next Decade
During the meeting, discussions centered around the IsDB’s forward-looking plan for the next ten years, aimed at achieving the aspirations of member states as a developmental partner. The meeting emphasized the importance of engaging more extensively in financing development projects through innovative financial instruments.
In his speech, Minister Faid underscored the significance of this gathering, particularly as the bank is undergoing a transitional phase that necessitates addressing current and future challenges, as well as the development difficulties facing member countries.
He highlighted the pivotal role of ideas and contributions in shaping the new strategic framework, which will outline a roadmap to enable the IsDB Group to continue fulfilling its mission with excellence and efficiency.
Key Topics of Discussion
The participating ministers discussed several critical issues related to the governance of the institution and its operational model to enhance its interventions and improve its management efficiency. The goal is to strengthen the bank’s role as a key development player in Islamic countries.
They emphasized the importance of leveraging the bank’s comparative advantages to maximize the impact of its efforts, focusing on areas with the highest positive returns for member countries. These include sustainability, economic diversification, resilience, infrastructure development, and digital transformation to boost institutional capacities.
Algeria’s Role as Host
The new strategic framework for 2025-2035 will be submitted for approval during the IsDB Group’s annual meetings, which will be hosted by Algeria in May 2025.
Minister Faid expressed Algeria’s readiness to welcome participants to the upcoming annual meetings, pledging that the country will provide all necessary conditions to ensure the success of this significant event.
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Author: Nor-Eleslam
