President Al Jasser Meets with Ministers of Finance from Libya and Comoros

Washington, United States, 11 October 2022 – On the second day of his official visit to Washington to attend the 2022 IMF and World Bank Group meetings, Islamic Development Bank (IsDB) President and Group Chairman, H.E. Dr. Muhammad Al Jasser, held separate meetings with finance ministers from Comoros and Libya.

In his meeting with Minister of Finance, Budget, and Banking Sector of the Union of Comoros, HE MZE Abdou Mohamed Chanfiou, the IsDB President, Dr. Al Jasser, expressed appreciation for the country’s confirmation of contribution to the 6th General Capital Increase (GCI) of the Bank and for the continued support to IsDB Group. He said the IsDB was keen to continue engaging with Comoros in strategic priority areas such as capacity development, economic and social infrastructure, and advisory support for strengthening the Islamic financial services industry. The two sides then discussed cooperation in various areas including health, education, food security, and job creation.

To date, IsDB Group has approved US$552.6 million of development financing for Comoros. This involves US$20.4 million in project financing by IsDB, US$515.8 million in trade operations by International Islamic Trade Finance Corporation (ITFC), and US$16.4 million by other IsDB Group funds and operations. Currently, IsDB Group's active portfolio in Comoros stands at US$382.9 million. The Bank is already spearheading efforts to implement blended finance education and food security projects in Comoros with the support of major international partners including the Arab Coordination Group (ACG).

Meanwhile, in another development on the sidelines of the IMF and World Bank Group Meetings in Washington, the IsDB President and Group Chairman met with Libya’s Minister of Finance, H.E. Khaled Al Mabrouk Abdullah where the two sides explored further consolidating their cooperation in several sectors including economic empowerment, charitable Waqf funds, and capacity development in multiple identified areas. At the meeting, Dr. Al Jasser voiced firm support for the progress of development efforts in Libya as one of the major shareholders of the Bank. 

Development cooperation between IsDB Group and Libya has so far resulted in US$755 million of investment in the country’s different development sectors.