ASHGABAT: Saudi Finance Minister Ibrahim Al-Assaf yesterday commended the tremendous progress achieved by the Jeddah-based Islamic Development Bank (IDB) as well as the bank’s efforts to boost the development of member countries.
Addressing the 34th annual session of the IDB’s board of governors, Al-Assaf noted the company’s efforts to combat poverty and its special program for African states to achieve sustained economic growth.
He also referred to the energy-for-the-poor initiative launched by Custodian of the Two Holy Mosques King Abdullah last year. Coordination has been made between the World Bank, the OPEC Fund for Development, the Saudi Fund for Development and other institutions to carry out the program.
“The restructuring of the IDB came at the right time in the wake of global economic developments,” the minister said, adding that it would strengthen the bank’s efficiency and effectiveness.
Under the restructure, the levels of the bank’s decision-making system has been reduced from seven to four and several administrative positions have been removed, without affecting quality.
Al-Assaf welcomed the bank’s initiative to mobilize funds from member countries by asking their central banks, sovereign funds and investment firms to put their money in the bank by floating sukuks. He urged member countries to increase their contributions to the bank’s anti-poverty fund in order to carry out its mission effectively.
