​​​​​​Riyadh, Saudi Arabia 01 May 2024:  Islamic Development Bank (IsDB) Group Chairman H.E. Dr. Muhammad Al Jasser has expressed profound appreciation to the Custodian of Two Holy Mosques,  King Salman Bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman for their unflinching support during the bank's 49th annual meetings, coinciding with its 50th anniversary celebrations.

Held in Riyadh, IsDB's birthplace, the meetings ended with the announcement of the “Riyadh at 50 Declaration.” The declaration outlines the bank's future trajectory, emphasizing enhanced governance, expanded concessional financing and grants, and solidifying IsDB's leadership in Islamic finance and South-South cooperation.

H.E. Dr Al Jasser commended  H.E. Mohammed Aljadaan,  Saudi Finance Minister and Chair of the IsDB Board of Governors, for his exemplary leadership throughout the deliberations. The meetings drew over 3,750 participants, including representatives from 55 international and regional organizations, thought leaders, and experts across diverse development sectors.

In addition, the meetings featured more than 27 significant side events, ranging from seminars to knowledge sessions, with participation from a diverse group of thought leaders, experts, and researchers. The meetings also saw the signing of 85 financing agreements between IsDB institutions, 38 member countries, and 22 international financial institutions, totaling over $8 billion. These agreements spanned a wide range of operations and projects across various sectors.

Dr. Al Jasser reiterated his commitment to fostering close collaboration with the media and international partners to drive sustainable development and prosperity across member states. This year's theme, "Cherishing our Past, Charting our Future: Originality, Solidarity, and Prosperity," underscores IsDB's dedication to leveraging its rich heritage to build a thriving future.

During his closing remarks at a press conference with media representatives,  Dr. Al Jasser highlighted IsDB's remarkable transformation since its inception in 1974. He traced the bank's journey from a nascent institution to a premier global entity with the highest credit rating (AAA) and encompassing 57 member countries. He further elaborated on the bank's expansion from a single entity into a cohesive group of five institutions, signifying its significant progress and impact in the development landscape.

The IsDB President emphasized that over the past five decades, IsDB has served as a major force for progress, financing critical development projects valued at over $182 billion. These projects spanned essential sectors like basic infrastructure and agriculture, alongside strategic areas such as health, education, energy, trade, and Islamic finance. He underscored the bank's significant role in improving the lives of millions, particularly the most vulnerable populations.

Dr. Al Jasser concluded by announcing that the People's Democratic Republic of Algeria as the host of IsDB's annual meetings in 2025.