Saudi Arabia is pleased and proud to be part of the Islamic Development Bank (IDB), which it hosts and supports financially, and logistically.

Minister of Finance and IDB Governor for Saudi Arabia Ibrahim Al-Assaf stated this while opening a high-level regional forum on partnering with IDB Group for economic and social development at the bank headquarter here on Wednesday. The forum is held as part of the ongoing celebrations of 40 years of IDB.

Al-Assaf said the bank’s financing supports all types of development — infrastructure, transport, health, education and poverty alleviation. It has achieved most of its goals in the last 40 years and brought positive changes in the lives of millions of people in member countries and Muslim communities in non-member countries, which reflects the sense of responsibility of members of the bank.

The bank is determined and poised to do more in the next stage. “We all will have to work hard together to achieve that goal,” he said and assured that Saudi Arabia will continue to support the bank.

Al-Assaf commended the role of IDB Group President Ahmed Mohammed Ali, who has made consistent efforts to make the bank what it is now, working with trust, confidence, effectiveness, courage and humility. He also appreciated the men and women who have contributed to the success of the institution.

He said that those who want to achieve success have to face challenges. The Ummah is facing various challenges by diversifying the economy, carrying out structural reforms, and developing skills.

The IDB is determined and confident to do “what it takes” to perform much better in the next four decades and beyond, Ali said addressing forum.

Ali added that the bank is an organization of the people. It has made a difference in their lives and will continue to do so. “A lot has changed in the 40 years, and continues to change. We look at the future with confidence to face challenges, and strive to be a most trusted partner for member countries, with experience and leadership in terms of their development,” he added.

According to him, the bank is an ethical institution, a growing institution striving to achieve inclusive growth, encouraging member countries to attract FDIs (foreign direct investments), broaden PPP (public, private partnership) base, with the participation of women and the youth.

He stated that the bank is open to cooperation with all institutions, agencies and organizations in the world, “which has helped boost development in many countries.”

Ali said the bank gives priority to the progress and development of least developed member countries (LDMCs). “We are a pioneering financial institution to launch programs for trade financing as early as 1975, which the other institutions criticized by large financial institutions.

He said that by 1440 the bank planned to become a world-class development bank. It will scale up its activities, become more professional, knowledge-oriented, result-oriented, leverage partnerships and be responsive to clients. He added that the bank gives top priority to education.

Iyad Ameen Madani, secretary general of the Organization of Islamic Cooperation (OIC), said that the IDB is playing an important and pivotal role in the development of the member countries since the last 40 years, and of Muslim communities in non-member countries. IDB’s help and assistance has enabled them to carry out many projects and programs that have benefited hundreds of thousands of people, and has contributed to their social and economic development.

“We meet today to celebrate 40 years of IDB life, during which period all the members in OIC member countries know IDB’s performance in developing most of these countries,” prominent businessman Saleh Kamel told Arab News. “I hope in the next 40 years there will be more progress and development than in the first four decades,” he added.

Karim Djoudi, minister of finance, Algeria, said: “Algeria has used IDB financing in its programs and projects, but for the last 10 years the country has a new policy concerning reducing the debt, which now represents two percent of the GDP. We have used technical assistance of the bank, which helps many countries that face difficulties. Algeria plays a big role in financing Islamic African countries. In the next 40 years it will have to play a bigger role in Africa.”

Ahmed Salim Al-Shanfari, vice president, clients relationship development, brokerage, Al-Rajhi Capital in Riyadh, said: “The forum is very helpful. It is good to know that the IDB is playing an excellent role in Islamic countries and even in non-Islamic countries for Muslim communities in terms of development of their infrastructure. The bank has good experience as an Islamic institution and it will continue to perform well, because it is an example how a bank should be.”

It has maintained Triple AAA ratings, which is a sign of good and efficient management. After the global crisis, very few banks in the world have been able to maintain such high ratings. IDB will continue to maintain its ratings and do much better.