Kuwait : Tuesday, May 30, 2006

Bismillahir-Rahmanir-Rahim

Your Highness, The Emir of Kuwait;
Your Excellency, Chairman of the Board of Governors;
Your Excellencies, Members of the Board of Governors;
Your Excellency, President of the Islamic Development Bank;
Your Excellencies, Ambassadors;
Distinguished Guests;
Ladies and Gentlemen;

Assalamo Alaikum Warahmatullahi Wa Barakatuh.

On behalf of myself and my colleagues, the Governors of Arab States, I am very pleased to express sincere gratitude appreciation to His Highness the Emir of the State of Kuwait and the people and Government of this sisterly country for the cordial and generous reception.

We are honoured by the presence in our midst of His Highness the Emir of Kuwait for the inauguration of this august meeting. That Your Highness has accepted to open this meeting is truly a tribute to the Islamic Development Bank Group and an endorsement of the developmental role of this Group in the Islamic world. In fact it is a clear testament of Your Highness? enthusiasm to boost economic cooperation among Islamic states. We are also very proud that we are meeting in your blessed country, where, as we can see all around us, there is a blend of Islamic tradition and modernity. This is a very significant opportunity for us all to appreciate the progress made by this country, the seat of a traditional Islamic society which enjoys all the advantages of the modern and still keeps its traditions and religion. Kuwait is one of the founding member countries of our institution and its contribution since the establishment of the institution up to this day has been phenomenal.

I also wish to thank Dr. Ahmad Mohamed Ali, the President of the Islamic Development Bank Group, the Board of Executive Directors, the management team and the various departments for their efforts in bringing about development in the member countries by implementing various initiatives, programmes and policies.

Mr. Chairman,
Fellow Governors,

Today?s Islamic world, of which the member countries of the Islamic Development Bank are a part, is going through numerous challenges, including social, political and economic upheavals which affect peace and security and make a number of our countries vulnerable to other serious economic challenges. Poverty and illiteracy seem to be the major bane of our societies. Although the problem may appear to affect individual member countries, we have to address it as though it affects the whole Ummah and make efforts to find effective solution so that all the Ummah will benefit and become prosperous, especially if we speak of ourselves as a group that is known for its solidarity and cooperation.

As a bloc, we can achieve these objectives by taking various joint measures. First and foremost, we must work in solidarity and with determination to boost the development of human resources. Secondly, and this requires immediate attention, we have to build member countries? capacities. Thirdly, but not lastly, we have to boost cooperation by encouraging trade among member countries. In this regard, I am pleased to acknowledge, on behalf of our Group, that even though our institution is working very hard to improve the living conditions of people in our member countries through numerous development plans and projects, we believe that with the required financial wherewithal, a lot more can still be achieved in the coming years. What this requires is an increase of the capital structure and the mobilization of additional resources. It also requires the support of member countries and their willingness to cooperate in the area of trade cooperation. Our Group is also pleased to announce that the Islamic Corporation for Trade Financing has today become a reality and that it will open for business soon.

Mr. Chairman,

It is no longer a secret that there are other institutions that look at the Islamic Development Bank as a model in efforts to mobilize resources while abiding by the Islamic modes of financing. I am very confident that in order to finance its operations and increase funding for its health, educational and infrastructural and small and medium scale projects, the Bank will do more to mobilize resources from all sources possible, including the capital market. By doing that, it will be better able to tackle poverty, particularly in the least developed member countries which deserve all attention. In this context, the Arab Group of Governors is pleased to express the support and cooperation of its countries to ensure the success of these initiatives. Permit me on behalf of the Group to express our continuous support for the institution to achieve its objectives.

Fellow Governors,

As I conclude, please allow me to express the profound appreciation of the Arab Group to His Highness the Emir of Kuwait, to the Chairman of the Board of Governors and the people of Kuwait for hosting this important gathering. I wish this institution total success in its efforts and we pledge to give it our support and cooperation in its efforts towards the progress of the Ummah.

Wa salam alaikum wa rahmotullahi wa barakatuh