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IsDB Group Private Sector Forum Fosters Economic Development of Member Countries Forum connects business leaders, investors, entrepreneurs and SMEs to discuss business issues and development goals while showcasing IsDB Group roles in Member Countries Jeddah, 16 May 2016 – Aiming to further develop the private sector in member countries, the Islamic Development Bank (IsDB) Group hosted the IsDB Group Private Sector Forum at Hilton Hotel, Jeddah - Saudi Arabia on May 16th, 2017. The event was held as part of the IsDB Group 42nd Annual Meeting and inaugurated by H.E. Dr. Bandar Hajjar, President of IsDB Group, and the CEOs of the Islamic Corporation for the Development of the Private Sector (ICD), the Islamic Corporation for Insurance of Investment and Export Credit (ICIEC), and the International Islamic Trade Finance Corporation (ITFC) -- Mr. Khaled Al-Aboodi, Mr. Oussama Kaissi and Eng. Hani Salem Sonbol, respectively. The Forum is the brainchild of IsDB Group private sector entities, which include ICD, ICIEC, ITFC along with the IsDB Group Business Forum (THIQAH). The forum featured engaging panel discussions, which deliberated on the activities carried out in member countries. The panel touched on issues related to Islamic trade financing, investment challenges and export credit insurance. With the aim to further encourage economic and social development in member countries, the forum convened the most relevant and knowledgeable thought leaders from business, academia and government to discuss present-day business environment and challenges, develop new insights and design innovative solutions to tackle pressing issues in the private sector. The CEO of ICD, Mr. Khaled Al-Aboodi, stated, “The fundamental role of private sector in helping the economies in the member countries shows that now is the time to mobilize the global business community as never before. ICD as well as all MDBs, Governments, and businesses must take the lead in living up to their pledges and drive the private sector to success. Islamic financial channels are also very important to private sector and ICD has always set focus on developing them in order to create a multiplier effect and address the developmental needs of member countries more broadly. ICD strongly believes that strengthening financial institutions in member countries will serve as a main vehicle to enhance access to finance for SMEs and young entrepreneurs.” The CEO of ICIEC, Mr. Oussama A. Kaissi added, “We are expecting that this global gathering will shed light on ICIEC’s international role as a unique Multilateral Takaful institution and as an enabler for boosting intra OIC Trade and Foreign Direct Investment (FDI) inflows, as well as a unique strategic partner of ICIEC’s member countries in achieving the Sustainable Development Goals (SDGs)”. From his side, Eng. Hani Salem Sonbol, CEO of ITFC, commented, “The need for trade finance, which is a catalyst for trade, has become more imperative now. However, many providers of trade finance have reduced their exposure to businesses, leading to a gap in trade finance for companies, importers and exporters, just at a time when they most need it. ITFC is pushing its efforts to positively contribute to the SME sector by extending innovative financing structures and platforms.” The Forum observed that while development assistance has its limitations, the resources of the private sector can contribute significantly to development funding and sharing of experiences to help meet development objectives. The forum provided an effective setting to encourage investment opportunities while renewing confidence and constructive cooperation between industry players and potential investors in member countries. ---------------------------------------------------------------------------- END --------------------------------------------------------------------About Islamic Development Bank (IsDB) Group The Islamic Development Bank “IDB” IDB is an international financial institution established to foster the economic development and social progress of member countries in accordance with the principles of Shari’ah. The functions of the Bank are to participate in equity capital and grant loans for productive projects and enterprises besides providing financial assistance. (www.isdb.org) The Islamic Corporation for the Development of the Private Sector “ICD” ICD provides equity, debt financing and financial advisory services in accordance with the Islamic banking and finance principles. Projects financed by ICD are selected on the basis of their contribution to economic development (www.icd-ps.org) The International Islamic Trade Finance Corporation “ITFC” ITFC was formed to consolidate the trade finance business that was formerly undertaken by various entities within the IDB Group. ITFC promotes IDB developmental objectives through its two main pillars, Trade Finance and Trade Promotion, to fulfil its vision of ‘Advancing Trade & Improving Lives’ (www.itfc-idb.org) The Islamic Corporation for the Insurance of Investment and Export Credit "ICIEC" ICIEC was established with the objective to increase the scope of trade transactions of member countries to facilitate foreign direct investments and to provide reinsurance facilities to their national export credit agencies. ICIEC provides appropriate Islamic Shari’ah compatible credit and country risk insurance and reinsurance instruments. (www.iciec.com) IDB Group Business Forum (THIQAH) The IsDB Group Business Forum - THIQAH is the main window which acts as an enabler and plays facilitation and catalyst roles to connect the private sector institutions in IDBG member countries. The main objective of THIQAH is to establish a unique and innovative platform for dialogue, cooperation and inclusive partnership for business leaders committed to partnering in promising investment opportunities. THIQAH’s vision is to position itself as the leading business platform of the IDB Group serving the private sector in member countries and maximizing the achievements of successful investment projects. The primary focus is on maximizing cross-border investments among IDB Group member countries, with the support of IDB Group’s financial products and services (www.idbgbf.org) For further information, please kindly contact: ICD contact details: Name: Nabil Al-Alami Telephone: +966 12 646 8192 Email: [email protected] ITFC contact details: Name: Raghda Telephone: +966 12 646 8409 Email: [email protected] ICIEC contact details: Name: Rania Bin Himd Telephone: +966 12 646 7608 Email: [email protected] THIQAH contact details: Name: Sahal Al-Marwai Telephone: +966 12 646 8168 Email: [email protected]