ADFIAP forum underscores importance of development financing for sustainable growth

High-level executives representing international development banks, financial institutions and nongovernment organisations began three days of deliberations as part of the 42nd annual meeting of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) at the Sheraton Oman Hotel on Wednesday.

The inaugural session was held under the auspices of Shaikh al Fadhel bin Mohammed al Harthy, Secretary General of the Council of Ministers. Also in attendance were a number of government ministers and decisionmakers representing public sector organisations in the Sultanate.

Oman Development Bank (ODB), the wholly government-owned Development Financing Institution (DFI) of the Sultanate, is hosting the three-day event. ODB Chairman Abdelsalam bin Naser al Kharusi said it was an honour for the bank to host ADFIAP for the second time in the Sultanate.

“ODB joined the Association in 2005, having since benefited from the collective experience of memberstate institutions in the field of development financing,” said the Chairman. “In line with the vision of ADFIAP to provide development financing services to member institutions, the chosen theme of this meeting, viz ‘Role of DFIS in Economic Development’, underscores our belief that development financing is key to sustainable growth.”

Phub Dorji, Chief Executive Officer — Bhutan Development Bank Ltd, who is also Chairman, ADFIAP, said in opening remarks that the Association had evolved from 31 charter-members in 1976 to 106 DFIS in 39 countries this year.

“DFIS — interchangeably known as development banks — have in operation for more than a century at the onset of the first industrial revolution. The structures and processes have evolved over time, but the role and intent in financing development has not changed even to this day.

DFIS have partnered with many stakeholders, particularly governments, in financing or promoting development, which has improved the lives of many,” he said.

The keynote address was delivered by Dr Dhafir al Shanfari, CEO of the Omani Authority for Partnership for Development (OAPFD) and Acting CEO of the Competition Protection and Monopoly Prevention Centre.

Also on the panel of speakers and session chairs from Oman are: Shaikh Salah Hilal al Maawali, CEO — SME Fund Oman; Muneer al Muneeri, CEO of Rakiza, Oman’s infrastructure fund; Sharifa al Barami, Co-founder of Markeetex, an e-commerce marketplace that aims to improve lifestyles; and Khalid Alsafi al Haribi, Managing Director, Impact Integrated.

DFIS – INTERCHANGEABLY KNOWN AS DEVELOPMENT BANKS – HAVE IN OPERATION FOR MORE THAN A CENTURY AT THE ONSET OF THE FIRST INDUSTRIAL REVOLUTION. THE STRUCTURES AND PROCESSES HAVE EVOLVED OVER TIME, BUT THE ROLE AND INTENT IN FINANCING DEVELOPMENT HAS NOT CHANGED EVEN TO THIS DAY