As we strive for a future in which all people live in dignity and prosperity, where no one is left behind, we need to significantly shift our approach to development in order to achieve the Sustainable Development Goals, believes the Islamic Development Bank (IsDB).
“We need to be constantly finding new, innovative ways to approach development in our fast-evolving world,” says the President of the Islamic Development Bank, Dr Bandar Hajjar, as he plans to convene a coalition of the Bank’s 57 Member Countries at its 44th Annual General Meeting, held in Marrakech, Morocco from 3-6th April 2019.
A new development model is needed to address the strategic development priorities facing governments worldwide. Innovative approaches spearheaded by IsDB are driving value chain competitiveness, joint green industrial innovation and a resilient global developers’ network in order to support all Member Countries.
This year’s Annual General Meeting will be a reflection of the President’s Five-Year Program representing the transformative vision for the IsDB. “Our vision focuses on the root causes of development challenges, rather than the symptoms,” says Dr Hajjar.
The President will also be launching his new book, “The Road to the SDG’s: A New Business Model for a Fast Changing World” at the annual meeting, which sets out his vision of how the world can reach the 2030 SDG targets. The model promotes a change of narrative for development by adopting a growth mindset and focusing on job creation, as well as building and strengthening national competitiveness and connectivity to global markets. At the heart of the Bank’s vision are four core pillars: Partnerships, STI, Global Value Chain and Islamic Finance.
Following on from a successful Public Private Partnerships Forum, held in Rabat on 28th February, the IsDB will be exploring the importance of expanding and deepening existing partnerships, as well as seeking new partners, at the Annual Meeting. “When we work towards a common goal of commitment it generates much greater development effectiveness. PPPs lead to higher quality, efficiency, and job creation,” adds Dr Hajjar.
Focus on Science, Technology and Innovation (STI) is also a key theme which will be explored at the Annual Meeting. The IsDB’s $500m Transform Fund is already supporting local innovators and entrepreneurs in their quest to solve the SDGs. “I have had the opportunity to witness some of these innovations first hand over the last 12 months through our Transformers Summit in Cambridge and Roadshows across the world. I am optimistic about the opportunity innovation presents to drive people out of poverty and achieve progress at scale,” says Dr Hajjar.
To also ensure Member Countries maximize their benefits from the global value chain, the IsDB believes they should move away from focusing on raw materials exports. Developing countries should instead prepare long-term plans to promote labour-intensive high added-value industrialization and improve the quality of education to create a new generation of skilled workers.
The fourth pillar of the IsDB’s vision focuses Islamic finance. For over 44 years, the IsDB has been practicing Islamic finance and seeking to promote economic development through its operations. The IsDB is a regular issuer of Sukuk in the global financial markets to finance large-scale development projects and to promote socio-economic development in its Member Countries; it also promotes Waqf and Zakat products.
Dr Hajjar added: “The Islamic Development Bank is responding to a new era while recognising that it is operating in a fast-changing world marked by tremendous global challenges. Never has the need for cooperation and partnership been of such paramount importance and I look forward to discussing our new vision with representatives from our Member Countries in Marrakesh.”
-The IsDB’s Annual Meeting, Transformation in a changing world: the road to the SDGs, will be taking place in Marrakesh on 3-6th April. Visit www.isdb-am44.org for more information and live-streams of key sessions. Follow @IsDB_group on Twitter for the latest conversations from the event.
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