Finance Minister, Others to Discuss Strategic Global Economy, Finance as IsDB Annual Meeting Commences in Algiers

Sunday Okobi in Algiers

The Nigerian Minister of Finance and the Coordinating Minister of the Economy, Mr. Wale Edun, will join other ministers of finance, economy, international development and planning from the 57 member countries of the Islamic Development Bank (IsDB), as well as other leaders of global financial institutions and partners for strategic discussions on finance and global economy at this year’s Islamic Development Bank (IsDB) Group’s 2025 Annual Meetings which commenced yesterday in Algiers, the People’s Democratic Republic of Algeria.

At the day one of the meeting with the theme: ‘Diversifying Economies, Enriching Lives’, the organisers said: “Their other goal is to also propose sustainable solutions to socio-economic development challenges in IsDB member countries and the broader international community.

The occasion was also to mark the start of the 50th session of the IsDB Board of Governors’ Meeting, “a significant milestone in the institution’s efforts to promote Islamic finance, harness innovations, and promote sustainable development.

“Algeria, a founding member of the IsDB Group, is hosting the events for the third time, following the previous sessions in February 1990 and October 2001,” the organisers stated.

They noted further that the IsDB) Group, rated AAA by the major rating agencies of the world, is the pioneering multilateral development bank (MDB) of the Global South that has been working for over 50 years to improve the lives of the people and communities it serves by delivering impact at scale.
“The bank brings together 57 member countries across four continents, touching the lives of nearly one of four people worldwide. It is committed to addressing development challenges and promoting collaboration to help achieve the United Nations Sustainable Development Goals (SDGs) by equipping people to drive their own green economic and sustainable social progress, putting planet-friendly infrastructure in place and enabling them to fulfil their potential. Headquartered in Jeddah, Kingdom of Saudi Arabia, IsDB has 10 regional hubs and a centre of excellence. 
“Over the years, the bank has evolved from a single entity into a group comprising: the Islamic Development Bank (IsDB), the Islamic Development Bank Institute (IsDBI); the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC); the Islamic Corporation for the Development of the Private Sector (ICD); the International Islamic Trade Finance Corporation (ITFC); and the Islamic Solidarity Fund for Development (ISFD),” the organisers stated.
They stated that other ‘rich’ programmes at the event will help thousands of attendees connect with potential investors, partners, and mentors who can help them take their business to the next level.
The highpoint of the first day of the meeting was the signing ceremony of a Memorandum of Understanding (MoU) between UN Women and the Islamic Organization for Food Security (IOFS), which focusing on food security and agricultural development in West and Central Africa, “with the goal of strengthening the economic capacities of women and young people.”
They also stated that the Private Sector Forum Awards Ceremony, a major part of the event, is an IsDB Group initiative to recognize and honour exceptional achievements, groundbreaking innovations and impactful initiatives by market practitioners driving positive change through Shariah compliant financial instruments in the areas of trade finance, export credit and private sector development.
They added that the award ceremony is led by a panel of independent distinguished judges boasting a rigorous and robust selection process, adding that the PSF 2025 Awards feature six categories with ICIEC, ICD and ITFC presenting two awards each.