The private sector institutions of the Islamic Development Bank Group (IsDB Group) (https://www.IsDB.org) organized the 11th edition of the “Private Sector Forum – 2023”, held from 11 to 13 May 2023 at the Ritz Carlton Hotel, Jeddah (Saudi Arabia), in the sidelines of the Annual Meetings of the IsDB Board of Governors under the patronage of the Custodian of the Two Holy Mosques, King Salman Bin Abdelaziz Al Saud.
The Private Sector Forum’s primary objective is to offer a unique opportunity for the business community across various sectors to connect, network, and explore investment and trade opportunities provided by member countries. Additionally, the forum will showcase IsDB Group activities, projects, services, and initiatives in member countries, highlighting the organization’s role in promoting PPP projects and its services to the private sector. This event will serve as an avenue for potential investors interested in investing in Saudi Arabia and a platform to promote the KSA vision 2030.
The event attracted more than 2,000 participants, including government officials, Chairmen, Presidents, and CEOs of local and international companies, multilateral and financial institutions, chambers of commerce and industry, business associations, investment promotion agencies, individual investors, and entrepreneurs. The Forum facilitated parallel B2B and B2G meetings, enabling business communities across member countries to establish valuable connections. The event enclosed exhibitions for partners and a competition for start-ups, and for the first time, notable organizations and personalities has been recognized and awarded by the IsDB Group entities.
On this occasion, H.E. Dr. Muhammad Sulaiman Al Jasser, Chairman of the Islamic Development Bank Group, said: “The 11th edition of the Islamic Development Bank Group Private Sector Forum, taking place this year in the Kingdom of Saudi Arabia, has achieved its objectives by promoting integration of the public and private sectors, which is an essential pillar of the economic and social development of our member countries. It is the responsibility of the public sector to develop infrastructure and legislation to create an attractive business climate for the private sector to stimulate production and create jobs” H.E. Dr. Muhammad Sulaiman Al Jasser thanked the attendees for their participation in the Forum, which included 15 sessions, more than 70 speakers, 25 exhibitors, and 2,000 participants representing 83 more countries and witnessed the signature of 61 agreements.
In his opening speech, Mr. Osama Al-Qaisi, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit, the insurance arm of the Islamic Development Bank Group, stated that the private sector forum witnessed a distinguished presence from our partners in the public and private sectors, during which nine memoranda of understanding and insurance contracts were signed. A total of 300 million US dollar contract for exports and investments with parties and member states was inked. The Saudi Export-Import Bank, the Arab Contractors Company, and the International Investment Guarantee Agency (MIGA), all of which are members of the World Bank Group, were the most notable. Mr. Osama added that the outcomes of the dialogue sessions brought together representatives of investment promotion agencies of Member Countries, regional and international investment companies and financial and insurance institutions in providing important and innovative financial solutions using modern applications in the fields of insurance and financing with the aim of promoting common goals towards addressing climate change and food security. It is worth noting that the Islamic Corporation for the Insurance of Investments and Export Credit has, since its inception in 1994, insured exports, imports and investments exceeding the amount of 99 billion US dollars for the benefit of beneficiaries in the member states, and the Kingdom tops the list of countries benefiting from the services of the corporation.
H.E. Eng. Hani Salem Sonbol, the Acting CEO of The Islamic Corporation for the Development of the Private Sector (ICD), said “At ICD, sustainability and development are the core focus of our activities. We are trying our best to bring together our partners in the private sector and other financiers to fill the sustainable funding gap. I hope that we were able to present existing co-financing opportunities available for the private sector. Our aim is to present solutions developed to address identified challenges and discuss other possible solutions in sustainable development.
Commenting on the success of the Private Sector Forum, H.E. Eng. Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC) said: “The 11th edition of the Private Sector Forum showcased the potential of the private sector as a vital driver of economic growth, job creation, and poverty alleviation in our member countries. The active participation of esteemed delegates has led to meaningful discussions and collaboration on achieving economic resilience and facilitating growth for businesses. Over the last 15 years, we have approved a cumulative total of US$17.8 billion in support of private sector and SME clients, accounting for 25% of our trade finance portfolio. We remain committed to supporting private sector growth and together, we are empowering businesses and driving economic progress in our member countries.”
For more information, please visit the Private Sector Forum website (www.IsDBG-PSF.org).
Distributed by APO Group on behalf of Islamic Development Bank Group (IsDB Group).
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About Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 49 Member States, including Documentary Credit Insurance Cover, Credit Insurance Cover, Bank Master Policy, Non-Honouring of Sovereign Financial Obligations, and Investment Insurance Products. ICIEC, for the 15th consecutive year, maintained an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 95bn in trade and investment. ICIEC activities are directed to specific sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.
About the Islamic Corporation for the Development of the Private Sector (ICD):
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization affiliated with the Islamic Development Bank (IsDB). It supports the economic development of its member countries by providing financial assistance to private sector projects in accordance with the principles of Shari’ah. It also mobilizes additional resources for projects and encourages the development of Islamic finance. ICD’s operations complement the activities of IsDB in member countries and also those of national financial institutions. ICD has 55 member countries and five public financial institutions as its shareholders and has an authorized capital of USD 4 billion.
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 US$69 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)