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Chairman of the Islamic Development Bank (IDB) Group, Dr. Ahmad Mohamed Ali, has underlined the significance of the Group's member countries' accession to and implementation of the convention for promotion, protection and insurance of investments promoted by the Organization for Islamic Cooperation (OIC) particularly in the areas of intra trade and investment.
Dr. Ali made the remarks at the opening ceremony of the 1st Global Islamic Investment Gateway (GIIG) Forum in Manama, Bahrain, on Monday, while presenting a full picture on IDB Group's performance and deliberated on the important role IDB Group entities have played towards advancing investment and intra trade. He stated that IDB through its trade financing arm, the International Islamic Trade Finance Corporation (ITFC) established in 2008, has offered US $27 billion of financing to foreign trade (export and import) operations in addition to the total of US $29.5 billion of IDB financing for promotion of intra-trade prior to the establishment of ITFC. Dr. Ali added that the Islamic Corporation for the Development of the Private Sector (ICD), IDB's private sector development arm, has contributed more than US $3 billion of financing to nearly 300 private sector development projects while the Bank's total contribution from its Ordinary Capital Resources (OCRs) to support the private sector in member countries stood at US $3.5 billion for 45 development projects.
The Chairman also referred to more than US $23 billion worth of investments and export credits have been insured by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) which has greatly contributed to the flow of investment projects and helped promote intra-trade amongst member countries paving the way for exporters to enter the world markets and compete with others.
He expressed hope that participation in the Forum will facilitate better flow of foreign investment into IDB Group member countries. The inflow of foreign investment is one of the active ways for increasing investment in member countries' economies and will further deepen the economic integration and cooperation amongst them.
The 1st GIIG Forum, co-organized by Bahrain's Economic Development Council, the Islamic Development Bank and Thompson Reuters, was graced by Bahrain's Crown Prince, First Deputy Chairman of the Minsters Council and Chairman of Bahrain's Economic Development Council HRH Sheikh Salman bin Hamad bin Isa Al Khalifa. Bahrain's Minister of Finance HE Sheikh Ahmed bin Mohamed Al Khalifa was also present at the Forum attended by more than a thousand high profile businessmen and investors representing more than 700 firms and global banking institutions. The participants exchanged views over the challenges ahead of intra investment amongst OIC member countries and also touched upon ways for increasing the intra investment flows. On the sidelines of the event, the participants visited an exhibition of various investment agencies of the IDB Group member countries displaying investment opportunities and potentials in different sectors.
© Press Release 2015
