Bahrain attends 41st IDB meeting

Manama, May 18 (BNA): Minister of Finance, Shaikh Ahmed bin Mohammed Al Khalifa, attended the 41st annual meeting of the Board of Governors of the Islamic Development Bank (IDB) Group, held in Jakarta, Indonesia, on 18-19 May 2016. The meeting approved the nomination of Dr. Bandar bin Mohammed Hajjar as new President of the IDB Group, upon a recommendation from Saudi Arabia. The participants hailed the constructive efforts exerted by Dr. Ahmad Mohamed Ali, who chaired the prominent institution since its very beginning. They commended his crucial role in fostering the development process in member states and the initiatives he launched on the technical and structural levels, which enhanced the position of the IDB as one of the leading financing funds on the international arena. They also wished Dr. Hajjar all success in his new endeavour. An updated report on the progress made in implementing the IDB Group 10-Year Strategic Framework was discussed during the meeting. The framework was adopted by the Governors during their 39th meeting in Kuwait. It includes a number of significant initiatives in areas relating to institutional performance, governance and financial sustainability. The Islamic Development Bank comprises 57 member states and its activities formally kicked off in 1975. It aims at fostering economic and social development in Member Countries (MCs) and Islamic communities in non-MCs, in accordance with the principles of Shari'ah, i.e., Islamic Law. The active participation of Bahrain in the annual meetings of the IDB Group comes within the fruitful co-operation between the Kingdom and the bank, which spans several years and covers various areas of development work. The IDB provides financing to a wide range of projects in Bahrain, particularly in the sectors of electricity and water, roads and sewage. It also supports the private sector and entrepreneurs in a way that contributes to the flourishing of small and medium-sized enterprises (SMEs) and enhances their role as one of the main pillars of the national economy.