Closure of the 44th Annual Meeting of the Islamic Development Bank Group : 06/04/2019

Closure of the 44th Annual Meeting of the Islamic Development Bank Group

The 44th Annual Meeting of the Islamic Development Bank (IsDB), held under the theme " Transformation in a changing world : the road to the SDGs", were concluded, Saturday, April 6th 2019, in Marrakech.

Held under the high patronage of HM King Mohammed VI, this annual meeting, chaired by the Minister of Economy and Finance, Mr. Mohamed Benchaaboun as President of the Board of Governors of the IsDB, was an opportunity for the representatives of the Member Countries to address the various issues related to the theme and the four core pillars of the Bank's five-year plan, namely "public-private partnerships", "science, technology and innovation" "," the global value chain "and" Islamic finance ".

In a statement read on behalf of the Minister of Economy and Finance, Mr. Zouhair Chorfi, Secretary General of the Ministery of Economy and Finance, welcomed the great success of this meeting, as well as the quality of the issues discussed to ensure the development of the bank's member countries.

At the same time, he stressed that the signing of the framework agreement on the Morocco-IsDB partnership strategy (2019-2022) creates a new framework for cooperation between both sides and represents a significant step forward towards enhancing the links between the Kingdom and the bank to the required level.

In this respect, the Minister stressed the importance of this partnership strategy as a framework to strenghthen the strong Morocco-IsDB cooperation. The latter is related to the new model based on the development of value chains in economic sectors in which the Kingdom is charecterized by competitive advantages and which are of high priority for the government.

In addition, he noted that the signing of the Memorandum of Understanding with the IsDB on the 2019 Action Plan is an effective implementation of the partnership strategy and stated that about $ 206 million was devoted to this plan to fund projects in crucial and priority sectors for the government.

On the other hand, Mr. Bandar Hajjar, President of the IsDB, stressed that the royal message to this conference participants is of great importance since it supports the Bank's new guidelines. He also called for collective action in order to promote solidarity between the Member Countries. " We would like to take this opportunity to express on behalf of the IsDB our gratitude and sincere thanks to HM King Mohammed VI for his high patronage of this meeting," he stated.

In addition, Mr. Hajjar described the links between Morocco and the IsDB as historic, noting that the bank's funding allocated for Morocco was close to $ 7 billion.

He claimed that the first partnership that covered the period from 2013 to 2016 is valued at $ 2.7 billion, while the new agreement concerns the 2019-2022 partnership strategy and is in keeping with the new IsDB model.

He added that the main recommendations following this event are built around the Board of Governors’s approval of the new IsDB model based on value chains, science, technology and innovation, partnerships and strengthening of Islamic financing in terms of the bank’s projects with its member countries.