21-05-2025
Ministry of Finance takes part in 2025 Annual Meetings of the Islamic Development Bank Group in Algeria
Algeria, The Ministry of Finance (MoF) has participated in the 2025 Annual Meetings of the Islamic Development Bank (IsDB) Group, hosted by the Algerian capital from May 19 to 22.
Themed 'Diversifying the Economy, Enriching Lives,' the meetings provided a high-level platform for strengthening development cooperation and exchanging expertise.
H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the Ministry, attended the meeting along with several MoF specialists.
The meetings featured extensive discussions on key development challenges facing member countries and explored avenues for strengthening economies' resilience amidst global economic shifts.
The Annual Meetings included a series of high-level assemblies: the 50th Annual Meeting of the Board of Governors of the Islamic Development Bank, the 32nd Annual Meeting of the Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the 25th General Assembly of the Islamic Corporation for the Development of the Private Sector, the 20th Assembly Meeting of the International Islamic Trade Finance Corporation, the 18th Annual Meeting of the Board of Governors of the Islamic Solidarity Fund for Development, the Supreme Committee Meeting of the Al Aqsa Fund, and the Roundtable of Their Excellencies the Governors.
Innovative financing mechanisms
The sessions discussed the importance of adopting innovative financing mechanisms and strengthening South-South partnerships while highlighting institutional reforms to enhance the Bank Group's development role.
His Excellency Mohamed bin Hadi Al Hussaini emphasised that the theme of this year's meetings, 'Diversifying the Economy, Enriching Lives', reflects the strategic vision of the IsDB Group. He noted that economic diversification has become a top priority to overcome challenges and ensure sustainable growth.
His Excellency stressed that partnerships with multilateral financial institutions, including the Bank Group, play a key role in driving innovation and attracting investment across key sectors such as renewable energy, education, and health.
He also highlighted the need to invest in human capital, promote the digital economy, and foster entrepreneurship, while calling for greater solidarity among member states to address shared global challenges.
It's worth noting that the UAE is one of the founding members of the Islamic Development Bank (IsDB), having joined in 1974. It holds a 6.0 percent share of the bank's subscribed capital. The UAE also hosts the regional offices of two key IsDB Group institutions: the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the International Islamic Trade Finance Corporation (ITFC).
