IDB to open 5 new branches to speed up development aid

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Eng. Hani Salem Sonbol (second from right) , CEO, ITFC during the ministerial consultative meeting of the Organization of Islamic Cooperation’s member countries on the sidelines of World Trade Organization’s 11th Ministerial Conference in Buenos Aires

BUENOS AIRES — The Islamic Development Bank (IDB) Group has affirmed its commitment to further strengthen the mechanisms of economic and trade cooperation, expand and deepen partnerships among member countries in the fields of trade, investment and finance, as well as mobilize the necessary resources to meet economic challenges and achieve sustainable development.

Eng. Hani Salem Sonbol, CEO, ITFC, said in a speech on behalf of Dr. Bander AlHajjar, President IDB Group, during the ministerial consultative meeting of the Organization of Islamic Cooperation’s member countries held on the sidelines of World Trade Organization’s 11th Ministerial Conference opened recently in Buenos Aires.

He said the IDB Group will establish five new branches in Egypt, UAE, Suriname, Uganda and Bangladesh in the coming period to play a crucial role in providing development assistance to member states more effectively. He affirmed that these new offices will play a crucial role in providing developmental assistance to member countries more effectively.

In his speech, Eng. Hani explained that the member countries are facing many economical, and social challenges, most visible of which are the accelerated growth of population, climate change, and increase of unemployment rates, especially among youth.

He added: “To meet these challenges, the bank depends on the 1440H Vision, in addition to, the bank’s 10-year strategic framework, and the bank’s president five- year program, which focuses on enhancing the group’s fieldwork presence, efficiency & empowerment, increase the awareness of IDB, and enhancing the ties with development partners and finally, the acquisition of science and innovation in introducing the Bank's model of finance and financial governance and providing integrated development solutions”

He further said “we sincerely hope that the five-year program will contribute in supporting the member countries’ efforts towards finding effective solutions to the developmental challenges that face them.”

The Chairman of the Group stressed in his speech the importance of lifting the levels of intra-OIC trade, noting that this represents a strategic objective of the Group in the context of economic globalization and the resulting emergence of international economic entities and interests that do not pay attention to small and marginal entities, and the application of the WTO agreements with all the principles and standards established for trade practices between states.

The ministers have stressed on the Islamic Development Bank’s developmental role and effective contribution to the developing the capacities of the countries in the fields of trade, regional integration and cooperation. Pointing out the need for the Bank to continue its support of member countries in WTO accession issues, trade facilitation and services and new issues for negotiation.

The meeting was headed by Eng. Tariq Qabeel, the Egyptian Minister of Trade and Industry. It was attended by most of the member countries participating in the WTO ministerial meetings held on Dec. 10-13, 2017. — SG


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