Jeddah,9.10.2010 : Dr. Ahmad Mohamed Ali President of the Islamic Development Bank Group (IDB) addressed the “Investors’ Meeting of the South European Investment Company in Bosnia Herzegovina” which was recently held by the Islamic Corporation for the Development of the Private Sector (ICD) , member of the IDB Group. in Istanbul. Turkey.
In his statement, the IDB Group President stressed that the establishment of the new company comes in the framework of IDB role in fostering socio-economic development in member countries and Muslim communities in non-member countries.
Dr. Ali touched on the strategic location of Bosnia and Herzegovina in Europe in addition to its rich resources and promising potential which provide plenty of opportunities for the new Company in southern Europe Region. He added that the Company will play an advisory role in favor of regional and international investors, and he reiterated the Bank's support and backing of the company to achieve its goals.
A presentation about the Company, its objectives, administrative structure and scope of work was displayed during the meeting
Many of the investors who made comments during the event stressed the importance of this initiative launched by the IDB Group specially under the repercussions of the global economic crisis which pushed the foreign capitals to search for footholds in developing countries.
ICD is a multilateral financial institution, member of the Islamic Development Bank Group, established by the decision of the IDB’s Board of Governors during their 24th annual meeting held in Jeddah in November 1999.
The mandate of ICD is to support the economic development of its member countries through provision of finance to private sector projects in accordance with the principles of the Shari'a. ICD also attracts co-financiers for its projects and provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises, development of capital markets, and adoption of good management practices and enhancement of the role of the market economy. Projects financed by ICD are selected on the basis of their contribution to economic development considering factors such as employment creation and contribution to exports. ICD operates to complement the activities of IDB and domestic financial institutions in member countries.