IDB, WB eye $1.9 trillion Islamic finance market

Updated 23 January 2018

IDB, WB eye $1.9 trillion Islamic finance market

RIYADH: The Islamic Development Bank (IDB) and the World Bank are to use the rapidly growing Islamic finance market for infrastructure development projects through public-private partnerships (PPP).
The IDB recently organized a forum in Washington in partnership with the World Bank on this subject, IDB spokesperson Dr. Abdul-Hakim Elwaer told Arab News on Sunday.
IDB Vice President Dr. Mansur Muhtar represented IDB President Dr. Bandar Hajjar during the forum attended by IDB member countries.
“The IDB, in partnership with the World Bank, will work to unlock the potential of the $1.9 trillion Islamic finance market to mobilize resources for infrastructure development projects using public-private partnership (PPP),” Muhtar told the forum.
The IDB vice president made the statement based on a report, “Mobilizing Islamic Finance for Infrastructure-Public Private Partnership,” which was funded by the Jeddah-based development bank.
The World Bank suggested that the Islamic financial market has reached $1.9 trillion over the past six decades.
Elwaer said the aim of the forum was to create awareness about the potential for infrastructure development through PPP, especially in developing countries.
“This falls in line with the new development orientations of IDB member countries including Saudi Arabia, whose ambitious 2030 plan is targeting to increase the private sector’s contribution to the GDP (gross domestic product) from 40 to 65 percent,” he said.
He said the Kingdom aims to achieve this through increasing the use of PPPs and through the privatization of government entities.
Dr. Mahmoud Mohieldin, World Bank senior vice president on sustainable development goals, said: “One of the advantages that the IDB has in using Islamic finance is localization.
“The IDB has worked in many villages in its areas of operation, and has always demonstrated how localization helps in benefiting from Islamic finance.”

Saudi crown prince sends letter of thanks to President Jinping after leaving China

Updated 14 min 19 sec ago

Saudi crown prince sends letter of thanks to President Jinping after leaving China

Saudi Arabia’s Crown Prince Mohammed bin Salman sent on Saturday a letter of thanks to Chinese President Xi Jinping, after leaving China and concluding his Asia tour.

In the letter, the crown prince expressed “gratitude and appreciation” for the Jinging’s hospitality during his visit with the Saudi delegation. 

Here is the letter in full:

His Excellency Mr. Xi Jinping

President of the People’s Republic of China

Warm greetings:

As I leave your friendly country, I would like to express to your Excellency my deepest gratitude and appreciation for the warm welcome and generous hospitality extended to me and my delegation.

We had constructive talks and I am sincerely looking forward to deepening cooperation and creating closer ties in all areas between our two countries, to evolve into strategic relations under the leadership of King Salman and your Excellency.

I wish your Excellency continued health and happiness and to your country and people more progress and development.

Mohammed bin Salman bin Abdulaziz Al-Saud