UAE Ministry Of Finance Joins IsDB Group's 50th Anniversary Meetings In Riyadh

The Ministry of Finance recently took part in the 2024 Islamic Development Bank (IsDB) Group Annual Meetings, a significant event that unfolded from 27th to 30th April 2024 in Riyadh, Saudi Arabia. This year's meetings were particularly noteworthy as they marked the Golden Jubilee of IsDB, celebrating 50 years since the bank's inception. The event served as a crucial platform for discussions on development issues and institutional matters, under the theme "Cherishing our Past Charting our Future: Originality, Solidarity and Prosperity".

Leading the UAE delegation was Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs. Accompanying him were key figures including Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the Ministry of Finance, and several specialists from the Ministry. The delegation's participation underscores the UAE's commitment to fostering cooperation among Islamic member countries towards achieving sustainable and comprehensive development.

During the Governors' Roundtable Meeting, which focused on "Pathway to Prosperity for Least Developed IsDB Member Countries", Al Hussaini highlighted the UAE's dedication to supporting the stability and prosperity of developing and lower-income countries. He underscored the nation's efforts in providing foreign aid and international development programmes aimed at reducing poverty and contributing to financing pioneering development projects.

Al Hussaini called for IsDB to take concrete steps towards increasing its concessional financing for least-developed member countries. This move is aimed at enhancing the bank's development capacity and supporting the achievement of Sustainable Development Goals. Additionally, he emphasized the importance of new financing solutions to help member countries manage risks and disasters more effectively.

The contribution of IsDB Group entities, such as the Islamic Solidarity Fund for Development, was praised by Al Hussaini for their impact on Islamic societies. He stressed the need for enhanced coordination between multilateral development banks to boost financing, especially for least developed countries. Exploring new ways to enhance blended financing was also highlighted as a priority.

At the Golden Jubilee Celebration, Al Hussaini reflected on the strategic partnership between the UAE and IsDB Group, which has been instrumental in achieving sustainable development in many member countries. He lauded the bank for maintaining its AAA credit rating despite challenges faced by some member countries due to political, economic, and environmental crises.

The 2024 IsDB Group Annual Meetings brought together Ministers of Economy, Planning, and Finance from the bank's 57 member countries. The event also saw participation from representatives of international and regional financial institutions, Islamic banks, national and international development financing institutions, chambers of commerce and industry, and business councils. Sideline seminars and workshops focused on socio-economic development and international cooperation were attended by top-level experts from various sectors.

This gathering not only celebrated IsDB's 50 years of contributions towards economic development but also set a forward-looking agenda aimed at enhancing cooperation among member countries for a more prosperous future.

With inputs from WAM