Istanbul, Türkiye, 4 November 2024 –Chairman of the Islamic Development Bank (IsDB) Group, H.E. Dr. Muhammad Al Jasser, today, delivered a keynote address at the 40th Ministerial Session of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC), in Istanbul.

The session, hosted by the Republic of Türkiye under the chairmanship of Türkiye's President, H.E. President Recep Tayyip Erdoğan, brought together Heads of Delegation and senior leaders from across the Islamic world to advance economic and commercial cooperation amid pressing global challenges.

In his speech, H.E. Dr. Al Jasser emphasized IsDB’s commitment to addressing the critical challenges facing member countries, particularly in areas of resilience, food security, and digital transformation.

Dr. Al Jasser underscored the Bank’s vision for sustainable development and solidarity among OIC countries as they confront unprecedented challenges including economic pressures.

Dr. Al Jasser highlighted IsDB Group’s decisive response to global challenges in 2024, with project approvals reaching US$4.7 billion—nearly triple the commitments made in 2020.

This year’s substantial investment brings IsDB Group’s cumulative approvals to US$194 billion since its inception which demonstrates the Bank a strong dedication to fostering economic resilience and sustainable growth across the IsDB Group member countries.

As part of its commitment to ensuring food security, the IsDB Group, through its trade finance arm, the International Islamic Trade Finance Corporation (ITFC), supported the provision of essential food commodities across member states. Dr. Al Jasser noted that ITFC has financed millions of tons of basic food supplies and achieved cumulative trade financing of US$80 billion as of mid-2024, reinforcing IsDB’s role in mitigating food supply challenges and enhancing intra-OIC trade.

At the meeting, Dr. Al Jasser outlined the Arab-Africa Trade Bridges (AATB) Program, a strategic initiative by ITFC that strengthens economic links between Arab states and sub-Saharan Africa, supporting trade and investment opportunities that drive regional growth.

The IsDB Group Chairman, H.E. Dr. Al Jasser, also highlighted the Bank’s Digital Strategy (2024-2027), which aims to drive economic inclusion and empower communities through responsible digital transformation.

He discussed key initiatives, including the Tunisia-Mauritania mobile financial platform and the FIKRA ACE program in partnership with Malaysia’s Securities Commission, which fosters Islamic FinTech innovation.

In his concluding remarks, H.E. Dr. Al Jasser reaffirmed IsDB Group’s commitment to working closely with COMCEC and with OIC and its institutions to drive impactful outcomes that support economic resilience, sustainable growth, and justice across the Islamic world. He called for actionable outcomes from the summit to unify efforts toward a future rooted in solidarity and collaboration, reflecting the shared values and aspirations of OIC member countries.

About COMCEC and the 40th Ministerial Session

The Session reviewed the status of implementation of various OIC projects in the areas of trade and investment, agriculture, tourism, finance, private sector, and poverty alleviation, among others. The 40th Ministerial Session of COMCEC is scheduled to conclude its work on 5th November 2024.

As the OIC Standing Committee for Economic and Commercial Cooperation, COMCEC meets annually to review OIC activities in economic and trade development, reinforcing its role as a central forum for cooperation across the member countries.