Kuala Lumpur : Thursday, March 23, 2006

The Islamic Development Bank (IDB) should work for the comprehensive development of its member countries and thus be in a position to transform the landscape of the Muslim World to be conducive to accelerated growth in human development, stated H.E. Dato Seri Abdullah bin Ahmad Badawi, Prime Minister of Malaysia during the launching of the IDB 1440H Vision Report. The report was launched by H.E. Tun Dr Mahathir Mohamad, Chairman of the IDB 1440H Vision Commission and former Prime Minister of Malaysia by presenting a copy of the Report to H.E. Dr Ahmad Mohamed Ali, President of the IDB Group. The report was launched at a special ceremony held at the Mandarin Oriental hotel, Kuala Lumpur, in the presence of a number of Ministers, members of the Diplomatic Corps, and dignitaries from different international institutions and communities.

The Prime Minister of Malaysia who is also Chairman of the Organization of the Islamic Conference (OIC) said that the Muslim World is blessed with abundant resources but lacking in entrepreneurial and management skills and at the same time struggling with ignorance and poverty. While stressing the need for developing the human capital, he exhorted the need for strong political will on the part of the member countries in order to see that the recommendations in the vision are realized.

The Report of the Vision Commission calls on the IDB to become a world class development banking institution. The report points out the various challenges and charts nine key strategic thrusts to implement in the next 15 years and beyond to bring developmental improvements in the member countries in particular and the Muslim World in general. The Vision report points out that the Bank, though it has done a lot, needs to review its developmental orientation and reexamine its role in terms of becoming a facilitator towards bringing prosperity and growth.

In his welcoming address, H.E. Dr Ahmad Mohamed Ali, the President of the IDB stated that given the diverse challenges facing the Muslim world, the adoption of the vision has come at the right time and it is now time for the Bank to accept the changes and move on to take the leading role. He added that from now onwards IDB will be judged by what it delivers henceforth towards realizing the vision. He also said that the report will be submitted to the Board of Executive Directors of the Bank soon to carefully consider and decide priorities.