By Ron Chen, Bureau Chief, Asia

Policymakers and business leaders from around the world are discussing on how to surmount obstacles to sustainable development during the Islamic Development Bank (IsDB) Group’s Annual Meetings underway in Jeddah, Kingdom of Saudi Arabia.

Held under the theme, “Partnerships to Fend off Crises,” the 48th edition of the annual meetings has brought together high-ranking government officials and senior business executives to discuss a range of topics such as poverty alleviation, healthcare, education, women and youth empowerment, food security, and climate change.

The four-day event includes both high-level plenary sessions and technical symposiums, to identify effective solutions for economic and development issues faced by the IsDB Group’s 57 member countries (MCs) and its partners.

On the opening day on Wednesday, the IsDB Group Boards Meeting approved financing valued at more than US$558 million for six projects in member countries. The projects focus on supporting inclusive growth and infrastructure development in line with the Sustainable Development Goals (SDGs). The day also witnessed the launch of the ‘IsDB Group Integration Report for Arab Region,’ which measures the progress of economic integration within the Arab region and provides a framework to strengthen trade between the Bank’s MCs.

While the side events of this major event are well underway from 10 May, the official opening ceremony of the event was held on Thursday.   Delivering the keynote address,  President and Group Chairman of IsDB, H.E. Dr. Muhammad Al Jasser reaffirmed the Bank Group’s commitment to promoting resilience and providing financing within MCs to help overcome challenges in the backdrop of shifting monetary conditions.

“To support its member countries in tackling crises, the IsDB Group has launched several ambitious initiatives, including a program to address the effects of the pandemic with an amount of US$ 4.3 billion, which we have fully implemented, and the Food Security Response Program valued at more than US$ 10 billion over the next three years, in addition to committing to contributing to climate finance with an amount of at least US$ 13 billion until 2030.”

Meanwhile, the IsDB Group Private Sector Forum, which is taking place from 11-13 May on the sidelines of the annual meetings, is paving the way for stronger public-private partnerships that drive inclusive development and support innovative, sustainable financing.