IDB participates in WTO’s 11th Ministerial Conference
The Islamic Development Bank (IDB) Group is committed to further strengthening the mechanisms of economic and trade cooperation, expanding and deepening partnerships among member countries in the fields of trade, investment and finance, as well as mobilizing the necessary resources to meet economic challenges and achieving sustainable development.
This was affirmed in a speech given by Hani Salem Sonbol, CEO ITFC, on behalf of Bander Al-Hajjar, president of the IDB Group, during a ministerial consultative meeting of the Organization of Islamic Cooperation’s (OIC) member countries held on the sidelines of the World Trade Organization’s (WTO) 11th Ministerial Conference in Buenos Aires.
Sonbol said the member countries are facing many economic 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 five-year program, which focuses on enhancing the group’s fieldwork presence, efficiency and empowerment, increasing the awareness of IDB, and enhancing 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.”
“We sincerely hope that the five-year program will contribute in supporting the member countries’ efforts toward finding effective solutions to the developmental challenges that face them.”
Sonbol announced on behalf of the IDB Group president, that five new branches will be established in Egypt, the UAE, Suriname, Uganda and Bangladesh in the coming period. He said the new offices will play a crucial role in providing development assistance to member states more effectively.
The ministers highlighted IDB’s developmental role and contribution to developing the capacities of the countries in the fields of trade, regional integration and cooperation.
The meeting was headed by Tariq Qabeel, Egyptian minister of trade and industry, and was attended by most of the member countries participating in the WTO’s ministerial meetings held from Dec. 10 to 13.