Mr. Mohammed BOUSSAID, Minister of Economy and Finance, represents Morocco at the 39th annual meeting of the Board of Governors of the Islamic Development Bank (IDB), taking place in Jeddah, in Saudi Arabia. The opening session of this event was held Wednesday, June 25th 2014, in the presence of the President of the IDB Group, Mr. Ahmed Mohamed Ali, and the Ministers of Economy and Finance of the Member States, in addition to Mr. BOUSSAID, Governor of Morocco to the IDB, who gave a speech during the meeting.
In his speech, the Minister welcomed the Bank’s efforts for up to 40 years; to finance development in Islamic and African countries through the providing the necessary support to ensure economic development and the improvement of social conditions.
The Minister also expressed the ambition of the member countries to see the IDB Group give them more support, particularly in the social sectors to help them cope with the difficult circumstances they face and this, following the impact of the global economic crisis.
In addition, Mr. BOUSSAID called IDB to create new financing instruments to reduce the burden of the external debt of member countries, support their programs and their reforming and sector-based policies. He also invited the bank to enhance its support to these countries to enable them to cope with the pressures faced when establishing their balances.
To be specified that the Minister of Economy and Finance signed, alongside the meetings of the IDB Group, together with the CEO and Chairman of the Board of Directors of the Arab Fund for Economic Development, a loan agreement amounting to 50 million Kuwaiti dinars, or 1.5 billion dirhams. This agreement concerns the participation of the fund to finance the project for the desalination of sea water for irrigation in the province of Chtouka Ait Baha.
This event was also an opportunity for Mr. BOUSSAID to have discussions with several Arab Ministers of Economy and Finance and the President of the IDB and the Chief Executive Officer and Chairman of the Board of Directors of the Arab Fund, on the possibilities of development of bilateral cooperation relations. The Minister also met with the Deputy President of Operations Bank, Executive President and Director General of the Islamic Institution for Trade Financing and Islamic institution for Private Sector Development.