Islamic Development Bank (IsDB) Group Private Sector Institutions Hosted the Private Sector Forum 2021
The private sector institutions of the Islamic Development Bank (IsDB) Group (www.IsDB.org): the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC) in cooperation with IsDB Group Business Forum (THIQAH) organized the “Private Sector Forum” on September 2, 2021, in Tashkent – the Republic of Uzbekistan, in conjunction with the 46th Annual Board of Governors Meeting of the Islamic Development Bank Group, under the theme “Respond, Restore, Restart: Post-COVID Resilience and Prosperity for all”.
The Private Sector Forum highlighted the IsDB Group activities, services, initiatives and joint solutions in member countries on the investment, trade and insurance fronts. The Private Sector Forum provided a unique platform to network and establish business relations and partnerships with other leading representatives and stakeholders from the business community to share their related experience, success stories and best practices, while jointly exploring the investment and trade opportunities offered by CIS countries. Furthermore, the forum connected business communities in member countries by arranging parallel B2B and B2G scheduled meetings.
H.E. Dr. Muhammad Al Jasser Chairman of IsDB said “All IsDB Group entites are catalysts of development. Every dollar spent by them brings more activities. I invite you to take advantage of the technical know-how present here. Private sector has a huge role to play in rebooting economies and buildingback better.”
The Forum discussed the future outlook to overcome the COVID-19 pandemic. In addition, the Forum highlighted the IsDB Group's US$ 2.3 billion Strategic Preparedness and Response Program (SPRP) for COVID-19 under its 3Rs approach “Respond, Restore and Restart”.
Key outcomes from this session noted considerable progress in terms of launching and implementing the projects involving the growth of trade, investment and insurance in member countries. The sessions also addressed the key challenges limiting the business community and concerned trade and investment authorities of the countries in both CIS and other member countires by nurturing an environment where the parties can benefit from the opportunities that exist.
In his opening address, Mr. Oussama Kaissi, said: “The pandemic is not yet over, but one thing we are certain of is that ICIEC will continue supporting its member countries through its full suite of Shariah-compliant credit and political risk mitigation solutions to overcome this crisis together and adjust to the new collective reality, stronger and more resilient than before.”
Eng. Hani Salem Sonbol said: “In line with its pandemic Response Plan, ITFC allocated $1.1 billion of financing and launched several development programs to support member countries’ recovery that targeted improving food security, building resilience, and supporting the health and export sectors. Out of the $1.1 billion approved, around $400 million was directed to SMEs, reflecting the focus on supporting SMEs recovery, sustaining agriculture value chains and building capacities. ”
Mr. Ayman Sejiny said “The IsDB Group ‘Strategic Preparedness and Response Facility’ can underpin our joint efforts to not only cope with the crisis, but to overcome it with a concrete, actionable blueprint. ICD’s geographical outreach across 55 member countries, along with its network of over 100 financial institutions and 5 regional offices and their local linkages, has doubled our collective capabilities and potential to efficiently mitigate the pandemic’s short-term fallout. This collaborative facility is the first of its kind and designed to unite the power of the public and private sectors to serve humanity in times of emergency.”
The Forum gathered more than 1,000 participants from multiple sectors across the globe such as government officials, Chairmen, Presidents & CEOs of local and international companies, multilateral and financial institutions, Chambers of Commerce & Industry, business associations, investment promotion agencies, individual investors, entrepreneurs, hundreds of policy and decision-makers, as well as their Excellencies the Governors of the Islamic Development Bank.
Distributed by APO Group on behalf of Islamic Development Bank Group (IsDB Group).
About Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 to strengthen the economic relations between member countries of the OIC. Over 27 years, ICIEC has insured in trade and investment more than USD78 billion. USD 62.3 billion represents support for exports and imports, while USD 15.6 billion covered foreign direct investments into ICIEC's member countries. ICIEC is Rated Aa3 by Moody's. ICIEC's cover has been provided to its 47 member countries across the Muslim world, assisting in their economic prosperity, development and diversification. ICIEC is recognized as the preferred enabler of trade and investment for boosting sustainable economic development in Member Countries, facilitating trade and investment between member countries and the world through Shariah-compliant risk mitigation solutions and tools. ICIEC.IsDB.org
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization affiliated with the Islamic Development Bank (IsDB). Its authorized capital stands at USD 4 billion, of which USD 2 billion is available for subscription. Its shareholders consist of the IsDB, 55 member countries and five public financial institutions. Headquartered in Jeddah, ICD was established by the IsDB Board of Governors during its 24th annual meeting held in Jeddah in Rajab 1420H (November 1999).
The mandate of ICD is to support the economic development of its member countries by providing financial assistance to private sector projects in accordance with the principles of Shari’ah, aimed at creating employment opportunities and enhancing their export potential. Furthermore, ICD has the mandate of mobilizing additional resources for projects and encouraging the development of Islamic finance. It also attracts co-financiers for its projects and provides advice to governments and private sector groups on policies aimed at encouraging the establishment, expansion and modernization of private enterprises, the development of capital markets, best management practices, and the enhancement of the role of market economy. ICD’s operations complement the activities of IsDB in member countries and also those of national financial institutions.
About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$55 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries' needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.
About the Islamic Development Bank Group Business Forum (THIQAH):
The Islamic Development Bank Group Business Forum (THIQAH) is the window of the IsDB Group that facilitate contact and coordination between entities concerned of the IsDB Group and private sector firms and related institutions in IsDB Group member countries. The main objective of THIQAH is to establish a unique platform for effective dialogue, cooperation and inclusive partnership for business leaders committed to partnering in promising investment opportunities. Through facilitation and catalyst roles, THIQAH will be leveraging IsDB Group's resources to offer necessary services and confidence to investors and to establish strategic partnerships with the leaders of the private sector. The primary focus will be on maximizing cross-border investment among member countries to be supported by IsDB Group's financial products and services. (www.IDBGBF.org)
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