Washington D.C., 12.11.2014 - In a statement to the 90th meeting of the Development Committee on the occasion of the World Bank & IMF Annual Meetings in Washington D.C., Dr. Ahmad Mohamed Ali, Chairman of the Islamic Development Bank Group, reaffirmed the Group’s commitment to working closely with the development community towards sustainable economic growth and urged the international community to contribute more to support the efforts of developing countries to face challenges such as the
Ebola epidemic.

The Islamic Development Bank Group Chairman emphasized the “need to focus on addressing the challenges of political instability, strengthening fiscal stability, tackling youth unemployment, and improving food security” adding that “in the medium-to-longer-term, there is a need to address other challenges like demographic transition, bridging the infrastructure gap, improving investment climate and the financial sector and to engage in structural reforms to improve productivity and
competitiveness.”

Forecasting the economic activity of the 56 Islamic Development Bank member countries, Dr. Ahmad Ali stated: “These countries are expected to grow, on average, by 4.1% in 2014 from 3.9% in 2013. The member countries in the MENA region are expected to record an average growth of 3% in 2014 up from 2.6% in 2013. For Asian member economies, growth will remain flat at an average of 5% in 2014. Sub-Saharan African member countries are the fastest growing economies, expected to register a growth of
6.6% in 2014 up from 5.8% in 2013. In contrast, commonwealth of independent member states (CIS) are expected to record an average growth of 6.1% in 2014 down from 6.6% in 2013.”

Elsewhere in his statement, he reiterated that the Islamic Development Bank Group will continue to finance critical economic sectors to achieve higher multiplier impacts on the economies of member countries consistent with their development priorities. The Islamic Development Bank Group will also continue to forge strategic alliances with other development partners to leverage additional development assistance for its member countries.