Izmir, Turkey, 27 April 2018 – President of the Islamic Development Bank (IsDB) Group says the AAA rated Multi-lateral Development Bank of the Muslim world is “adopting a strategic direction towards making the market work for development and creating effective and efficient market economy that will lead to improving the lives of people, creation of wealth, sustainable economic growth, and increased job opportunities.”

H.E. Dr. Bandar Hajjar made the remarks on 26 April, 2018, at the official opening ceremony of Turkey’s Exporters and Investors Summit in the Aegean port city of Izmir, a two-day event which focused on discussing achievements, as well as opportunities and challenges ahead of the Turkish economy, the private sector in particular.

“I want to encourage innovators, scientists and entrepreneurs from all across Turkey to engage with IsDB Group’s ENGAGE online platform to solve development challenges through innovative partnerships,” H.E. Dr. Bandar Hajjar told a crowd of nearly 300 Turkish private sector leaders, elite traders, industrialists, entrepreneurs and investors. ENGAGE, is an online platform recently launched by IsDB which enables scientists, innovators, and entrepreneurs from all over the world to provide innovative solutions to change lives. A US $500 million Fund entitled TRANSFORM has also been launched by the IsDB and its partners to support the solutions and make impact.

The event was co-organized by the IsDB Group and Turk Eximbank under the auspices of Turkey’s Ministry of Economy where the Minister of Economy of Turkey, himself, H.E. Nihat Zeybekci also took the floor and stated that the country’s economy has grown by 7 per cent in the 1^st quarter of the current fiscal year. “Turkey and Islamic countries benefit from having young populations. Therefore, the agenda of Muslim countries should focus on investment, employment and export. We have to create prosperity, we have to share it," the minister added.

In his speech, H.E. Dr. Bandar Hajjar asserted that the IsDB Group will continue to enhance cooperation with the Government of Turkey as well as Turk Eximbank. In the past 42 years, since its inception, the IsDB Group has contributed more than US $11.2 billion of development funding to different sectors in Turkey including health, education, banking, renewable energy, transportation, infrastructure, etc. The total volume of financial cooperation between IsDB Group and Turk Eximbank currently stands at US $2.7 billion with the prospect of rising even further as the IsDB Group is committed to support the private sector in its member countries with the aim of boosting intra-trade amongst its member countries.

“To meet the huge needs stipulated in its 11^th national plan, including transportation, health, energy, as well as education and other sectors, Turkey’s private sector would need to play a vital role as an engine of growth and investment and complement the public as well as multilateral resources,” stated Dr. Bandar Hajjar adding that IsDB Group’s role would be that of a facilitator and coordinator, participating in financing, capacity building, supporting the development of laws, overcoming obstacles and working with all partners in a collective collaborative manner.

Other keynote speakers at the event were H.E. Osman Celik, the Undersecretary of Turkish Treasury; Mr. Adnan Yıldrım, General Manager of Turk Eximbank; Dr. Oussama Kaissi, CEO of IsDB Group’s Islamic Corporation for the Insurance of Investment and Export Credit (ICEIC); and Eng. Hani Salem Sonbol, CEO of IsDB Group’s International Islamic Trade Finance Corporation (ITFC). The event also saw a series of interactive sessions on supporting Turkey’s aspirations for private sector-led growth and cross border trade.