Thursday 18 August 2022 - 8:21:19 am

Egypt to host 2022 Annual Meetings of Islamic Development Bank Group


Cairo, 18th May, 2022 (WAM) -- Under the patronage of President Abdel Fattah El-Sisi of Egypt, and in response to an official invitation by the Government of the Arab Republic of Egypt, the Islamic Development Bank Group is to hold its 2022 Annual Meetings in Sharm El-Sheikh, Egypt, from 1-4 June 2022, under the theme "Beyond Recovery: Resilience and Sustainability".

The meetings are to be held this year in light of major economic and geopolitical developments characterized by the noticeable decline in the COVID-19 pandemic and the renewed hope that the world is on track for the recovery phase.

Ministers of Economy, Planning, and Finance from 57 member countries of the Bank will participate in these Meetings. Representatives of international and regional financial institutions, as well as representatives of Islamic banks, national development finance institutions, and unions of contractors and consultants from OIC member countries, will also attend the activities associated with these meetings.

The Meetings will represent an opportunity to study and explore ways to further consolidate economic relations amongst IsDB member countries in today’s changing world. In addition, they will provide avail the member countries of the chance to discuss and maximize cooperation with the participating financing institutions.

This year's Meetings will also witness - for the first time over four days - the holding of a new edition of the IsDB Group Private Sector Forum, in which representatives of major companies and the business community at the local, regional and international levels are expected to take part.

The 2022 Annual Meetings of the IsDB Group will feature "the 47th Annual Meeting of the Board of Governors of the Islamic Development Bank", "the 29th Meeting of the Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)", and "the 22nd General Assembly of the Islamic Corporation for the Development of the Private Sector (ICD)".

In the same context, "the 17th Meeting of the Board of Governors of the International Islamic Trade Finance Corporation (ITFC)", and "the 15th Meeting of the Board of Governors of the Islamic Solidarity Fund for Development (ISFD)" will also be held.

On the occasion, Dr. Hala El-Said, Minister of Planning and Economic Development and IsDB Governor for Egypt, said that the Arab Republic of Egypt is employing all its capabilities to ensure the success of the IsDB Group Annual Meetings adding that the country’s long history and extended relationship with the Bank since its inception in 1974 has resulted in a Group cooperation portfolio of more than US$16 billion.

Dr. Hala El-Said also underlined that the last time an IsDB Annual Meeting was held in her country was in 1991 and, this year, Egypt plans to make history again 30 years on.

She noted that Egypt will present visions for cooperation and discuss common issues concerning member countries at all levels highlighting that several important side events will be organized, including the Business Forum for the Private Sector and several events related to the preparations for the 27th session of the Conference of the Parties (COP27) to the United Nations Framework Convention on Climate Change in November 2022, the green economy, achieving sustainable growth and confronting climate change, and other important international issues.

Islamic Development Bank President and Group Chairman, Dr. Muhammad Al Jasser, meanwhile, said that IsDB Group is looking forward to promoting the successful cooperation with Egypt, noting that Egypt’s initiative to host the IsDB Group Annual Meetings this year is an indication of its desire to continue playing its regional role at all levels, the foremost of which is achieving further socio-economic development.

Dr. Al Jasser then added that the Bank's Board of Governors' approval to hold the Meetings in Egypt is indicative of the Board's appreciation of the leading role of the Arab Republic of Egypt in supporting IsDB Group, and its continuous efforts to support constructive partnerships at various levels.

He also expressed his great confidence in the capabilities that Egypt possesses to make the 2022 IsDB Group Annual Meetings a success and make it a special event that will be ingrained in people's minds for the years to come, God Almighty willing.

WAM/Tariq alfaham/Hatem Mohamed