Algiers, Algeria, 20 May 2025 –The 2025 Annual Meetings of the Islamic Development Bank (IsDB) Group officially convened in the capital city of Algiers on 20 May 2025 under the high patronage of the Honorable President of the People's Democratic Republic of Algeria, His Excellency Mr. Abdelmadjid Tebboune.

Opened by the Prime Minister, His Excellency Mr. Nadir Larbaoui the Annual Meetings are held under the theme: 'Diversifying Economies, Enriching Lives' to underscore the importance of economic diversification in improving the quality of life for people in IsDB Group member countries and beyond.

This 50^th meeting of the Board of Governors of the Islamic Development Bank, which will continue till 22 May 2025, has brought together 57 Ministers of Economy, Finance, Planning and International Development from the Bank’s member countries in Asia, Africa, Europe and South America, all members of the Jeddah-based Organization of Islamic Cooperation (OIC). 

Delivering the keynote address the country’s Prime Minister H.E. Mr. Nadir Larbaoui, described IsDB Group as a strategic development partner and expressed national pride in Algeria for hosting the 2025 IsDB Group Annual Meetings.

Underlining Algeria’s commitment to reginal solidarity and South-South cooperation, the Prime Minister elaborated on the ongoing economic reforms in the country aimed at building a diversified, resilient, and competitive national economy.

Outlining the pillars of Algeria's comprehensive national reform program he said the national reform program aims to diversify the country’s economy and distance it from dependency on hydrocarbons.

The Prime Minister then reaffirmed Algeria’s support for IsDB Group efforts in fostering development, shared prosperity, and enhancing economic cooperation among Islamic countries. He reiterated the crucial importance of Islamic cooperation as a bond which unites and strengthens commitment to achieving integrated economic growth in member countries stressing those multilateral financial institutions, particularly the IsDB Group, are now more than ever called upon to intensify efforts for enhancing their capacities, deploying more technical, human, and financial resources, and implementing major continental projects.

Furthermore, Prime Miniter Larbaoui encouraged IsDB Group to invest more in climate resilience, digital transformation, and food security in Algeria and the region and urged member countries to move from declarations to actionable commitments. He concluded his remarks by making an optimistic call to harness collective strengths, faith, and innovation to build a shared future of prosperity and resilience.

Earlier, in his opening remarks, the Minister of Finance of Algeria and Chairman of the Islamic Development Bank (IsDB) Group Board of Governors, H.E. Mr. Abdelkrim Bouzred, lauded the Group's remarkable achievements in the past fifty years culminating in the institution’s recognition as the AAA multilateral development Bank (MDB) of the Global South.

Noting that this is the third time in the past 50 years that Algeria hosts the IsDB Group Annual Meetings, he reiterated that this best indicates the depth of the profound relations between Algeria and the Bank. Furthermore, H.E. Mr. Bouzred underlined his respective country’s commitment to the South-South cooperation while emphasizing the significance of joint financial action to confront global challenges like poverty, climate change, and food insecurity. Highlighting the strategic position of Algeria in North Africa and the Mediterranean region, he called for boosting partnerships within IsDB Group member countries to promote resilience and shared prosperity.  

Another speaker at the event was the Secretary General of the Organization of Islamic Cooperation (OIC), H.E. Hissein Brahim Taha, who commended IsDB Group's commitment and consistency over the past half a century, especially in promoting socio-economic prosperity through strategic collaborations that promise security and a brighter future.

He pointed out that IsDB Group is focusing on financing projects that directly impact the wellbeing of communities, particularly in rural and underserved areas. Underlining the importance of innovative financing mechanisms and partnerships, he called for continued solidarity among the member countries to further accelerate progress toward shared development goals.

In his opening remarks to the 50^th meeting of the Islamic Development Bank Board of Governors, IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, expressed gratitude to the Algerian government and nation for hosting the Annual Meetings, highlighting Algeria's historical significance and its longstanding partnership with the IsDB Group.

He reiterated that, since its inception, IsDB Group’s consistent support for Algeria’s development journey through various development financing activities has so far amounted in a total of nearly US$3 billion which is reflective of the depth of the partnership and the strength of the ongoing cooperation.

 He then mentioned the signing of a Country Engagement Framework (CEF) between IsDB Group and Algeria which aims to support the country's economic and social development objectives with a focus on diversifying Algeria's economy, enhancing competitiveness, and fostering private sector growth as pivotal areas of collaboration.

Furthermore, H.E. Dr. Al Jasser cited IsDB Group’s unwavering commitment to serving its member countries through robust financial tools, strategic alignment with global sustainable development goals, and a focus on inclusive, resilient, and forward-looking development path.

Elaborating on the new IsDB Group 10-Year Strategic Framework (2026-2035) as a comprehensive roadmap for the Bank's future transformation to secure a more resilient and sustainable future for all, H.E. Dr. Muhammad Al Jasser, described the IsDB Group as not just a financial institution; but rather as an active development partner that seeks to achieve positive change, sustainable growth and comprehensive prosperity in its 57 member countries and beyond.

Elsewhere in his remarks, the IsDB Group President presented a brief summary on how, in the past 50 years, the Group comprising, the Islamic Development Bank (IsDB), the IsDB Institute (IsDBI), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the International Islamic Trade Finance Corporation (ITFC), the Islamic Corporation for the Development of the Private Sector (ICD), and the Islamic Solidarity Fund for Development (ISFD) has contributed to a wide array of development sectors prioritizing human capital development and regional cooperation, Islamic finance, health, green energy, water and sanitation, women and youth empowerment,
knowledge and innovation, financial inclusion, digital connectivity, agriculture and food security, climate resilient infrastructure and green economy, in addition to promoting public-private partnerships (PPPs), developing private sector development, enhancing international trade and insuring businesses and investments, as well as enhancing global partnerships via major global partners including the Arab Coordination Group.

As the plenary sessions of the IsDB Group Boards of Governors continue till Thursday 22 May 2025, key side events also go on including the IsDB Group Private Sector Forum, all designed to address specific challenges and opportunities in the global development landscape.

For more details, please visit:  

Twitter: @isdb_group

LinkedIn: Islamic Development Bank (IsDB)

Facebook: Islamic Development Bank Group - isdb.org @isdbgroup,

Instagram: @isdb_stories

YouTube: @IslamicDevelopmentBankGroup

http://am.isdb.org/ , https://www.youtube.com/playlist?list=PLM84pYJkHpQHpSduqSE7iYZj0uvEIvbC2