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). 



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“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.



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="928" height="613" src="https://www.forbesafrica.com/wp-content/uploads/2019/04/Isl.png" alt="" class="wp-image-39990" srcset="https://cms.forbesafrica.com/wp-content/uploads/2019/04/Isl.png 928w, https://cms.forbesafrica.com/wp-content/uploads/2019/04/Isl-300x198.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2019/04/Isl-600x396.png 600w, https://cms.forbesafrica.com/wp-content/uploads/2019/04/Isl-768x507.png 768w" sizes="(max-width: 928px) 100vw, 928px" /><figcaption>H.E. Dr Bandar Hajjar discusses how public private partnerships can help pave the way to solving the SDGs. Picture: Supplied</figcaption></figure>



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 <a href="http://www.isdb-am44.org">www.isdb-am44.org</a> for more information and live-streams of key sessions. Follow <a href="https://twitter.com/isdb_group" target="_blank" rel="noreferrer noopener" aria-label="@IsDB_group (opens in a new tab)">@IsDB_group</a> on Twitter for the latest conversations from the event.

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Transformation In A Changing World: The Road To The SDGs

The current financing gap of developing countries is currently estimated at a staggering US$2.5 trillion each year. But Public Private Partnerships (PPP) could pose part of the solution, believes the Islamic Development Bank (IsDB).



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The introduction of the UN’s Sustainable Development Goals marked a new era for the international development community, raising the level of finance required from billions to that of trillions. Even the world’s strongest economies cannot resolve global development challenges alone. 



To meet this financing gap, innovative sources of finance must be tapped along with new types of development projects – ones that operate at the nexus of financial viability and development impact. The right enabling environment also must be created to make markets work for development &#8211; they need to be dynamic, inclusive and sustainable. 



“The biggest potential driver of short and long-term development is the private sector,” says President of the Islamic Development Bank, His Excellency Dr Bandar Hajjar, who is convening a coalition of internationally renowned experts, government officials and private investors today in Rabat, Morocco, for the 2nd annual PPP Forum: Shared Efforts for Shared Goals. 



Experts will discuss how to improve the legal and institutional environment of public-private partnerships, particularly on the African continent where there is growing appetite from investors in PPPs. 



Developing countries are facing huge budgetary constraints. Before the global financial crisis, between 2004-2008, the total budget balance of all the Islamic Development Bank’s member countries was in surplus of 3.8% of GDP on average. Between 2013-2017, however, this has turned into a deficit of 3.5% of GDP. 



“The IsDB’s ambition is for a future in which governments establish and enforce rules and regulations that enable all economic agents in the market to play a role in development,” Dr Hajjar says.



There are several success stories of IsDB financing for PPP projects across Africa – one being the expansion and rehabilitation of the Jorf Lasfar Port project for OCP in Morocco, for which the IsDB has approved US$150 million. 



The project was completed end of September 2017 and already total shipments from the port have almost doubled, jumping from 10 million tonnes to about 17.6 million tonnes, with the number of ships discharging from the port increasing from 571 to 686 vessels. A total of 200 jobs were also created by this project. 



The IsDB and other lenders under a PPP financing structure also helped to dramatically expand the capability of the port of Djibouti. The country, strategically located on one of the fastest-growing east–west international shipping routes, at the entrance to the Red Sea, is ideally placed to expand its role as a shipping hub.



Now, thanks to a new container port developed with PPP funding, Djibouti can handle more than twice as much container traffic as before, is able to host the latest generation of giant container ships and is in a position to establish itself as a gateway to the Common Market for eastern and southern Africa. 



This has strengthened Djibouti&#8217;s economy and fostered regional integration through the development of trade.



“PPP financing enables competitive advantage, higher quality and efficiency,” continues Dr Hajjar. 



“Importantly, PPP financing reduces the burden on state budgets to complete investment-intensive development and infrastructure projects, optimizing the distribution of risks between the two sectors.



“This PPP Forum is therefore more important than ever, and we look forward to promoting the dialogue on PPP in order to drive meaningful change as we look to achieve the Sustainable Development Goals.”



IsDB’s 2nd Annual PPP Forum: Shared Efforts for Shared Goals, is being held in Rabat on 28th February 2019 under the high patronage of His Highness King Mohammed VI of Morocco. 



-Find out more at: <a rel="noreferrer noopener" aria-label="https://ppp-forum.org/ (opens in a new tab)" href="https://ppp-forum.org/" target="_blank">https://ppp-forum.org/</a> 



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="740" height="344" src="https://www.forbesafrica.com/wp-content/uploads/2019/02/IsBd.png" alt="" class="wp-image-39369" srcset="https://cms.forbesafrica.com/wp-content/uploads/2019/02/IsBd.png 740w, https://cms.forbesafrica.com/wp-content/uploads/2019/02/IsBd-300x139.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2019/02/IsBd-600x279.png 600w" sizes="(max-width: 740px) 100vw, 740px" /></figure>

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Transformation In A Changing World: The Road To The SDGs

Public Private Partnerships Critical To Tackling The Financing Gap Of Developing Countries