Tunis Hosts Annual Meetings of Islamic Development Bank Group

General view of the 42nd Annual Meeting of Islamic Development Bank is seen at the Hilton hotel in Jeddah, Saudi Arabia on May 16, 2017 – Anadolu Agency file photo..

Tunis, MINA – Tunis is playing host to the annual meetings of the Islamic Development Bank Group (IsDB) from 1st to 5th April, which will bring together over 1,000 participants from abroad and Tunisia, representing several Arab, regional and international institutions and financial institutions, as well as experts from various economic sectors.

57 Ministers of Economy and Finance of the member countries will also take part, announced the Development, Investment and International Cooperation Ministry.

These annual meetings include several scientific seminars devoted to the consideration of vital issues and challenges faced by member countries, such as the establishment of strategic enterprises for the promotion of investment and youth employment, partnership mechanisms to reinforce research and innovation so as to increase the added-value in productive sectors, examine ways of empowering women and organise seminars on the role that digital and new technologies play in sustainable development, Tunis Afrique Presse (TAP) reported.

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Islamic finance will also be debated as a new mechanism for financing development and stepping up investment. Other symposiums are planned to discuss the challenges facing member countries, including the issue of water, climate change, etc, TAP said, quoting the ministry statement .

These annual meetings will also mark the 10th anniversary of the launch of the International Islamic Trade Finance Corporation (ITFC), one of the IsDB Group’s institutions, on the occasion of which a seminar on the private sector will be organised.

A number of financial agreements between the IsDB and some member states, including Tunisia will be inked on 5th April.

The IsDB started its activities in 1975 and currently has 57 member States. Its headquarters are located in Jeddah, Saudi Arabia, and its mission is to support the economic and social development of member States.

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The IDB Group comprises six institutions, namely, the International Islamic Trade Finance Corporation (ITFC), 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 Solidarity Fund for Development (ISFD) and the Islamic Institute for Research and Training.

Since its creation, the IsDB has financed 8,195 development projects in various member countries worth about $125 billion, covering many vital sectors, particularly infrastructure.

Tunisia has a close and diversified relationship with the Group which has contributed to the financing of more than 35 projects worth about 3.5 billion dinars including, in particular, energy, infrastructure and human development, as well as technical assistance worth 24 million dinars. (T/RS5/RS1)

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Mi’raj Islamic News Agency (MINA)