The Islamic Development Bank (IsDB) Group Annual Meetings and Golden Jubilee was held on April 27-30, 2024 at the King Faisal Conference Center, Intercontinental Riyadh, Kingdom of Saudi Arabia. Unlike previous years, this annual agenda also marks 50 years of IsDB in promoting socio-economic development in member countries and beyond. The agenda, which was attended by ministers of economy, planning, and finance from IsDB member countries, as well as representatives from various financial institutions such as Islamic banks, the private sector, development agencies, Social Community Organizations, has carried out seminars, regional briefings, press conferences, and other events focusing on socio-economic development, as well as regional and international cooperation.
Indonesia is the third largest shareholder in the IsDB. The Annual Meeting and 50th anniversary of the IsDB was attended by 3,750 participants representing 55 international and regional partnership organizations and 23 heads of financial institutions. The annual meeting brings together delegates from member countries as well as observers from international and regional organizations to discuss development issues and institutional problems ideas and experiences, and listen to inspiring success stories, lessons learned, and innovative ideas to promote sustainable social and economic development.
As the IsDB Governor for Indonesia, Ms. Sri Mulyani Indrawati, Minister of Finance of the Republic of Indonesia and Chairperson of the Indonesian Association of Islamic Economists (IAEI), led the delegation and played an active role in the IsDB agenda.
On the sidelines of the main meeting, the Minister also had the opportunity to hold several bilateral meetings with various other state leaders. The Minister of Finance was one of the resource persons at the Midway Momentum Seminar: "Cherishing IsDB at 50: Charting A Course for Augmenting SDGs Financing", and said that the reform of Multilateral Development Banks (MDBs) is needed now to address global challenges, which can be done through the principle of bigger, better, and bolder MDBs.
The Minister of Finance together with other Governors then discussed the potential for the establishment of a new institution under the IsDB that specializes in providing low-cost financing through a new concessional window at the IsDB Governor's Roundtable forum. The Minister of Finance also conveyed Indonesia's efforts in making energy transition and facing the energy trilemma, namely energy security, energy affordability, and sustainability at the "Future Vision Symposium: Energy Security: The Future of Energy and Sustainable Development".
Through this meeting, many agreements were made between countries. One of them is the discussion of cooperation between Indonesia and Malaysia in the field of Islamic Economics with Malaysian Prime Minister Anwar Ibrahim. Furthermore, a further discussion conference will be held regarding the development of the Islamic economy and cooperation between the two countries until it can be realized.
Several other countries also entered into an agreement at the momentum of this meeting. In fact, Dr. Muhammad Sulaiman Al Jasser as Chairman of IsDB Group stated at the closing ceremony that this agenda resulted in 85 financial agreements between IsDB Group entities and 38 countries and 22 regional financial institutions with a total transaction value of around $6.5 billion.
In Riyadh Declaration
IsDB's reference point in reinforcing basic priorities and crafting long-term strategic planning in a rapidly changing global landscape. The Declaration reemphasizes the principles of the IsDB, the Governors' commitment to the objectives of the IsDB, and references the IsDB's future strategic planning. The Declaration also covers the key enabling factors associated with the IsDB Group, the institutional readiness, resources, and strategic positioning of the IsDB.
"The development challenges of these countries are enormous and complex. The role of IsDB to help build and improve the welfare of its member countries is very important. Indonesia as a shareholder of IsDB is ready to help push the progress of IsDB so that it can help more to member countries in need." -Sri Mulyani Indrawati, Ph.D, Minister of Finance of Indonesia / Chairwoman of IAEI
