Coordination Group at IDB headquarters

The President of the Islamic Development Bank (IDB) Group, Dr. Ahmad Mohamed Ali, who inaugurated on Monday the 76th meeting of the Coordination Group at IDB headquarters in Jeddah, KSA, described the meeting as a clear translation of the strength of the relations amongst the Coordination Group members and their persistent efforts towards construction and development in different parts of the world.

In his welcome address to the three day event (26-28 October), Dr. Ali stated that since 1971, the Coordination Group has efficiently participated in promoting economic and development efforts in various parts of the world adding that up to the first half of the year 2015, the total finances approved by the Group has amounted to US $235 billion, 60 percent of which has gone to support public and private sector investments including infrastructures for energy, transport, communications and social services.

African Financing Highlighted

Touching upon the instances of important achievements pulled off by the Coordination Group, Dr. Ahmad Mohamed Ali referred to the financing of the Manantali dam in Mali which serves Senegal, Mali, Mauritania and Guinea as well as the 9000 kilometer Trans-Sahara Highway linking Algiers, Algeria, to Lagos, Nigeria, passing through Tunisia, Chad, and Mali adding that the agreement for the last chunk of the road has been finalized and the project is expected to be completed this year.

The IDB Group President concluded that despite all these efforts there are many challenges remaining especially in the Arab region tackling of which requires even more effort and cooperation within the Group.

Speaking on behalf of the Coordination Group representatives, Mr. Fuad Albassam, Assistant Director General for operations, OPEC Fund for International Development (OFID) praised the IDB Group for its efforts and cooperation with the Group to achieve its goals while stating that the 77th meeting of the Group will be held in Vienna in spring, 2016.

The Coordination Group comprises (in alphabetical order): Abu Dhabi Fund for Development, Arab Fund for Economic and Social Development, Arab Bank for Economic Development in Africa, Arab Gulf Program for United Nations Development, Arab Monetary Fund, Islamic Development Bank Group, Kuwait Fund for Arab Economic Development, OPEC Fund for International Development, and Saudi Fund for Development.