IDB: Helping the underprivileged for four decades

IDB: Helping the underprivileged for four decades
Updated 13 December 2013

IDB: Helping the underprivileged for four decades

IDB: Helping the underprivileged for four decades

The Islamic Development Bank (IDB) celebrated its 40th anniversary with a reception for consuls general organized with the Ministry of Foreign Affairs, Makkah region, at the bank's headquarters here on Wednesday.
“It is time to reflect on the past, recognize and learn from the mistakes and plan for a better future ahead,” the IDB President Ahmed Muhammad Ali told Arab News before the function began.
He said this was the start of planning for the next 10 years after consulting member states and Muslim communities in nonmember countries. The bank's board of governors would discuss the program of action at its next meeting in June.
He said the bank's work has resulted in it getting top rankings from ratings agencies including Standard & Poor’s and Moody’s. It cooperates with various organizations, diplomatic missions and trade representatives around the world.
Ali said the bank prioritizes projects in the least developed member countries (LDMC). He said the bank has mega projects in Africa. “We are a pioneering financial institution and launched programs for trade financing as early as 1975," he said.
He said that the bank’s commitment to help boost economic growth is evident from the rise in total financing from $8.3 billion in 2011 to $9.8 billion in 2012, an 18.4 percent increase.
Ali said the bank plans to become a world class institution in five years. He said the bank prioritizes education, and as an example mentioned that the first agreement it signed was with the United Nations Educational, Scientific and Cultural Organization (UNESCO).
Alieu M. Jah, vice consul of Gambia, said the IDB sponsors many education and road projects in his country. “We are very grateful and proud to be associated with the bank. It is playing a valuable role in the Muslim world,” he said.
Salah Attia, consul general of Algeria, and dean of the consular corps in Jeddah, said the IDB has helped to support various projects in manufacturing and infrastructure development. “The bank’s actions are noble and humane,” he said.
Ambassador Emad S. Sha’at, consul general of Palestine, thanked the IDB for supporting projects in the Islamic world. “We in Palestine, in particular, are very appreciative and thankful for their continuous support of our development programs,” he said.
Ebrahim Edries, consul general of South Africa, praised the "exemplary" record and performance of the IDB. “As a development agency, they have done tremendous work in Africa and the rest of the Muslim world,” he said.
He said South Africa was not a member of the IDB, but the country has benefited tremendously from its development projects. “We hope the IDB continues to grow and do good work.”
Muhammad Khalid Abdul Razak, consul general of Malaysia, said: “The IDB is doing a lot for the Ummah. Malaysia would like to be a close partner in this work. The bank is talking about the Muslim Ummah and not thinking of just one country. It wants them to be capable and stand on their own feet."