(MENAFN- The Peninsula) The Minister of Finance H E Ali Shareef Al Emadi yesterday urged member states to support Islamic Development Bank's (IDB) projects in agriculture, infrastructure, education and health for sustainable development at a conference here.
He made the call at the 40th annual meeting of IDB's Board of Governors' here in the capital of Mozambique. The Finance Minister is leading a delegation comprising officials from Qatar's Ministry of Finance.
Delegates are mulling role of private sector in the development and growth of IDB member countries, mainly in Africa at this conference which concludes June 11.
The Minister called for supporting IDB's pilot projects and increasing bilateral trade between member states through Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the IDB Group, and the International Islamic Trade Finance Corporation that spurs trade to improve the economic condition and livelihood of people across the Islamic world.
He lauded IDB's work over the last four decades, particularly providing over $100bn funding for projects in agriculture, food security, health and education.
He stressed that the Bank's vision for the year 2020 is an important step in the transformation of the bank into a global development institution serving more than 3.1 billion Muslims in 56 member countries.
Delegates discussed a number of topics concerning IDB's objectives such as spurring economic and social development in Islamic member states. They also discussed IDB's strategy for the next ten years, a number of administrative and technical reports.
The meeting mulled over the allocation for developing Islamic financial services sector and funding new development projects.
Finance ministers of member states held a series of meetings on the side-lines of this conference to take forward joint projects to boost economic development in the region.
IDB was set up December 7, 1973 by members of Islamic Conference Organization and officially started operating in October 20, 1975. The first meeting of its Board of Governors was held in July 1975. It currently has 56 Member States.
The bank participates in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development.
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