On 24 and 25 March 2021, the IsDB, represented by the head of its delegation to the GPFI, Dr. Nabil Ghalleb, Director, Economic Empowerment Department and Br Syed Hassan Alsagoff, Lead Economic Empowerment Specialist participated to the 1^st G20 GPFI Meeting under the Italian G20 Presidency.

During the meeting, which was divided into four sessions, the Group members discussed the GPFI work program for the year 2021, based on the priorities established by the Presidency and the commitments in the GPFI’s Financial Inclusion Action Plan (FIAP).

More specifically, the Group will analyze the pandemic’s impact on the financial inclusion of the most vulnerable sections of the population as well as of micro-enterprises, and will identify the action needed to bridge the gaps generated by the crisis to build more equitable and inclusive financial systems.

These analyses will be described in five complementary reports for the GPFI prepared by the international organizations participating in the GPFI and in a set of ‘best practices’ delivered by the Italian G20 Presidency.

During the meeting, the IsDB delegation reviewed the deliverables of the GPFI which comprises of six Issue notes that discusses technical topics including digital financial literacy and competency, the effects of COVID-19 on digital finance and Financial Inclusion as well as remittances. During the discussion, Dr Nabil proposed that there be clear distinction between the various deliverables and that the overlaps be minimized.

In addition, the reports may provide a platform for the GPFI to recommend the development of tools that will develop the eco-system necessary to promote financial inclusion, similar to the Economic Empowerment eco-system that IsDB is developing. IsDB will continue to actively support the GPFI by contributing to the deliverable reports initiated under the Italian Presidency.

It is to be recalled that in October 2020, H.E Mohammed Al-Jadaan, Minister of Finance, Kingdom of Saudi Arabia, officially informed H.E. Dr. Bandar Hajjar, President of IsDB, of the Troika’s decision and approval, under the G20 Presidency of the Kingdom of Saudi Arabia, of IsDB’s selection as an Implementing Partner of the Prestigious Global Partnership for Financial Inclusion (GPFI).

The Partnership was established in 2010 to promote financial inclusion as a means of increasing well-being and achieving sustainable and inclusive growth at global level.