His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, recently headed the UAE delegation participating in the 2022 Annual Meetings of the Islamic Development Bank (IsDB) group. The meetings were held from June 1 to 5, 2022, in Sharm El-Sheikh, Egypt, under the theme "Beyond Recovery: Resilience and Sustainability, and sought to discuss the results of the Group's financial performance, which provided a total profit for the fiscal year 2021 amounting to $ 197.5 million.His Excellency Mohamed Bin Hadi Al Hussaini noted that the Annual Meetings of the IsDB Group serve as a leading platform for discussing recent developments and strengthening economic relations among member countries to face and overcome the current international circumstances and changes. The meetings aimed to discuss tools to maximise member countries' access to services and funding provided through the IsDB Group's institutions.His Excellency said: "The UAE values its cooperation and strategic partnership with the Islamic Development Bank Group, under which we aim to support economic and social development in member countries, especially that the UAE is one of the main founders of the bank's capital. We are keen to stimulate development projects in member countries and provide the necessary financing to achieve economic and social sustainability for their people."During the Governors' roundtable, it was emphasised that there is need to provide funding and resources to meet the challenges and growing needs and demands of member countries to implement development projects. The meeting also highlighted the need for the IsDB Group and its institutions to maximise economic partnerships with regional and international financing institutions, to offer innovative programmes, mechanisms, and effective solutions that drive development and contribute to implementing priority projects for the benefit of Least developed countries (LDCs).On the sidelines of the Annual Meetings of the IsDB Group, His Excellency Mohamed Bin Hadi Al Hussaini met with H.E. Dr. Mohamed Maait, Minister of Finance, Arab Republic of Egypt; H.E. Nureddin Nebati, Turkish Minister of Treasury and Finance; H.E. Amadou Hott, Senegal's Minister in charge of Economy, Planning and International Cooperation; and H.E. Ashni Singh, Guyana's Senior Finance Minister. These meetings aimed at discussing means of bolstering bilateral relations and previewing the latest developments. The Islamic Development Bank Group is a multilateral development bank that was established in 1973. It promotes economic development, social progress, and combat poverty in member states in accordance with the Islamic law. The IsDB Group consists of Islamic Corporation for the Development of the Private Sector, Islamic Corporation for Insurance of Investments and Export Credits, International Islamic Trade Finance Corporation, and the Islamic Research and Training Institute. The UAE, which is one of the main founders of the Bank, joined IsDB Group in 1974 and owns a share of 7.52% of its subscribed capital amounting to 55.5 billion Islamic dinars (equivalent to USD 77.2 billion). The UAE also hosts the office of The Islamic Corporation for the Insurance of Investment and Export Credit, and a branch of the International Islamic Trade Finance Corporation.
