Finance Minister and Governor of the Islamic Development Bank for the Kingdom of Saudi Arabia, Muhammad bin Abdullah Al-Jadaan, confirmed that the Kingdom contributed in significant way to efforts to address the Corona pandemic and its effects on Islamic countries and peoples.
This happened during his participation in the annual meetings of the Islamic Development Bank Group, held in the capital of the Republic of Uzbekistan in Tashkent, in the period from 26 to 27 Muharram 1443 AH corresponding to 3-4 September 2021 AD.
Al-Jadaan explained that the Kingdom’s efforts stem from its firm principles in the service of humanitarian and development work for the benefit of Islamic countries and peoples, noting that the Kingdom, under the leadership of the Keeper of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Highness the Crown Prince continue to support the march of the Islamic Development Bank Group in the service of Islamic peoples and that his participation in the sixth capital increase of the Islamic Development Bank confirms the permanent commitment of the Kingdom to the group .
He stressed that the exceptional circumstances that the Islamic world is going through, in particularly following the effects and repercussions of the pandemic crisis, they confirm the need to strengthen the level of cooperation and coordinate efforts to address the economic and development challenges and fluctuations that Islam must face. Villages. It also requires increased efforts to support Member States in providing and accelerating the vaccination process and improving the economic recovery process. post-pandemic.
Impact of reforms
Al-Jadaan touched on the measures taken by the Kingdom to deal with the Corona pandemic, noting that the economic and financial reforms undertaken by the Kingdom in the light of Vision 2030 have greatly contributed to enabling the Kingdom to address the effects of health measures, adding that the advanced digital infrastructure that Saudi Arabia enjoys has contributed in distinct way to business continuity and education with the application of health procedures.
It stresses the importance of increasing the level of integration between the group’s institutions, and that its institutions follow compatible and integrated plans and strategies, which contribute to the achievement of the group’s main objectives in promoting economic and social development in Islamic countries.
Al-Jadaan welcomed the efforts of the Islamic Development Bank to achieve its strategic goals, including improving the bank’s sources of resources from overseas markets and adopting the market-to-development concept with the goal to benefit from the opportunities offered by the Fourth Industrial Revolution.
Addressing environmental challenges
He concluded his speech by referring to the Kingdom’s initiatives in addressing environmental challenges, such as the Green Saudi Initiative and the Green Middle East, and invited the Islamic Development Bank to enhance the use of the circular carbon economy concept. , which was endorsed by the G20 countries during the group’s Kingdom presidency in 2020..
Interestingly, the Board of Governors of the Islamic Development Bank Group holds its annual meetings to discuss development and institutional issues to provide an ideal platform for decision makers to discuss challenges and explore the opportunities available to member states. During the annual meeting period, seminars and key events bring together high-level speakers from governments, international and regional organizations, the private sector, academia and civil society.
The side event program also provides a dynamic platform to discuss economic, financial and development issues of interest to the member countries of the Islamic Development Bank Group and its partners.
The current annual meetings of the IDB Group have mainly focused on how to address the current challenges of the COVID-19 pandemic crisis and how to be in able to restore a global economic recovery within member countries and globally.
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