Islamic Development Bank Group approves $337 million investment towards sustainable financing for development as part of a new strategy launched by the President at its 44th Annual Meeting in Morocco

The Islamic Development Bank Group (IsDBG) hosted its 44th Annual Meeting of the Board of Governors from 3 – 6 April 2019, under the generous patronage of His Majesty King Mohamed VI of Morocco. The four-day meeting gathered representatives from the bank’s 57 Member Countries to continue the process of sustaining comprehensive development of the IsDBG’s vision and strategy. During the meeting, the IsDBG committed to $337 million of new investment to its member countries.

The main theme of this year’s Annual Meeting, Transformation in a changing world: the road to the SDGs, embodies the IsDBG’s belief that the traditional model of development is broken and there needs to be a notable shift to a new strategy in order to achieve the Sustainable Development Goals (SDGs).

Commenting at the close of the 44th Annual Meeting of the Islamic Development Bank Group, H.E Dr. Bandar Hajjar, said:“This year marks our most successful Annual Meeting to date, with all Member Countries participating at the highest level. We have signed more than 90 new agreements with our member countries in line with the Bank’s new strategy and approach towards financing for development. This new strategy focusing on financing projects with clear objectives in accordance with the Sustainable Development Goals will open new opportunities and create a sustainable transformation for all.  We are determined to remain relevant in this changing world, and we now have an ambitious plan for the future.”

The strategy, launched at the meeting’s Opening Ceremony by the President of the IsDBG, H.E. Dr Bandar Hajjar, and supported by the Board of Governors focuses on the rapid adoption of a new approach to transformation through:

  • increasing productivity of value chains;
  • adoption of a broad and participatory approach to push markets to work for development
  • maximizing the impact by working jointly on the formulation, financing and implementation of value-based programs;
  • affirming its commitment to exchange experiences and knowledge with member countries;
  • deepening technical cooperation and increase intra-OIC trade and investment by integrating Bank’s economies and markets into regional and global value chains;
  • promoting Public Private Partnerships by creating environments conducive to the participation of civil society organizations, non-governmental organizations, scientific institutions and stakeholders from the third part sector;
  • promoting technological transformation through science, technology and innovation.

This new vision was also set out in Dr. Hajjar’s new book, “The Road to the SDG’s: A New Business Model for a Fast-Changing World”, launched at the Annual Meeting. In the book, Dr. Hajjar outlines that the SDGs represent a new era, raising the level of development finance required from the order of billions to that of trillions and that the sheer magnitude of these challenges is beyond the capacity of any individual institution. The book is available via the following link:

As a result, all events at the Annual Meeting explored the four core pillars of the President’s Five-Year Plan: Public-Private Partnerships; Science, Technology and Innovation (STI); Global Value Chain and Islamic Finance. 

During this gathering, the Islamic Development Bank was also awarded The Best Project by the Sheikh Hamdan Bin Rashid Al Maktoum Award for the development of educational facilities in the Islamic world in 2019.