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UAE participates at 40th Annual Meeting of the Islamic Development Bank

HE Obaid Humaid Al Tayer heads UAE delegation at the 40th Annual Meeting of the Islamic Development Bank.

HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs is heading the UAE delegation at the 40th annual meeting of the Islamic Development Bank (IDB) Board of Governors in Maputo, Mozambique.

The 40th annual meeting will begin tomorrow, on Wednesday, 10th June. The UAE delegation will also participate in the: 22nd annual meeting of the Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), 15th annual meeting of the general assembly of the Islamic Corporation for the Development of Private Sector (ICD), 10th meeting of the General Assembly of the International Islamic Trade Finance Corporation (ITFC), the Supreme Council Meeting of the Al Aqsa and Jerusalem Fund and the 6th annual meeting of the Islamic Solidarity Fund board of governors.

HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs stressed the UAE’s commitment to work alongside various regional and international financial institutions and entities to support economic and social development across the globe and reduce unemployment and poverty levels.

HE Al Tayer also highlighted the UAE’s accomplishments in establishing a platform to promote collaboration with IDB and its affiliates. Through a range of development projects and initiatives, the UAE seeks to provide support to the representative office of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the International Centre for Biosaline Agriculture and the International Islamic Centre for Reconciliation and Arbitration – which will be hosted by Dubai.

As part of their joint efforts to promote trade exchange, the Bank has implemented 28 projects in the UAE. The IDB grant facility totalled $370.4 million US dollars, whilst 27 financing trade operations amounted to $430.2 million US dollars. Credit operations at the Islamic Corporation for the Insurance of Investment and Export Credit office in Dubai totalled $2.65 million US dollars.

The agenda of the Board of Governors meeting features discussions on the IDB annual report, the approval of the IDB annual audited accounts, programmes and specialised funds and selecting the IDB’s external auditors for the respective fiscal year. A percentage of IDB’s net income will be allocated for technical assistance operations and scholarship programmes for bright students in member countries. A committee will also be selected for the 41st annual meeting of IDB which will be held in Indonesia next year.

The UAE became an official member of the Islamic Development Bank in 1974 in line with Federal Decree No. 91, contributing 7.54% of the bank’s capital at the time. The UAE continues to be one of the main contributors of the group.

The IDB has achieved several successes over the past 40 years. Since its establishment, the number of member countries has increased from 22 to 56 countries in Asia, Africa, Europe and South America. IDB’s capital has also increased from two billion Islamic Dinars (approximately $3 billion US dollars) to 100 billion Islamic Dinars (approximately $150 billion US dollars). IDB has also expanded from one institution to several integrated institutions including the: Islamic Research and Training Institute (IRTI), Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), Islamic Corporation for the Development of the Private Sector (ICD) and the International Islamic Trade Finance Corporation.