Saudi Arabia: The Islamic Development Bank’s 2024 annual meetings are being held under the patronage of King Salman bin Abdulaziz in Riyadh between Apr. 27 and 30, 2024.

The annual meetings coincide with IsDB’s golden jubilee, as the institution celebrates 50 years of promoting economic and social development in 57 member countries, under the slogan ‘Taking pride in our past, shaping our future: authenticity, solidarity, and prosperity’ that reflects the bank’s legacy and future goals, reported the Saudi Press Agency on Saturday.

Finance ministers, financial institutions’ representatives, Islamic finance experts, private sector and non-governmental organizations are participating in the meetings which are being covered by leading media outlets.

The agenda includes special knowledge sharing sessions, seminars and press conferences focusing on development, regional cooperation and Islamic finance.

Citing a news statement released by the bank, Al Ekhbariya website reported that IsDB announced its approval to allocate about $418m to finance new development projects in member countries.

In a session chaired by IsDB’s President Mohammed Sulaiman Al-Jasser, the Board of Executive Directors approved, during the 355th meeting, four projects focusing on social and economic development and sustainability.

Tajikistan received $150m to build the Rogun hydroelectric power station project, which aims to provide clean, affordable and reliable electricity from renewable sources.

Ivory Coast received €70.46 million in financing for a value chain development project for roots and tubers/cassava.

Among the annual meetings’ prominent events are the Governors’ Roundtable, the 18th IsDB Global Forum on Islamic Finance, the IsDB Group Private Sector Forum 2024, the Philanthropy Forum, and the Future Vision Symposium, reported SPA.

Discussions address pressing issues such as multidimensional poverty, South-South cooperation, and financing the Sustainable Development Goals.

Meanwhile, the CEOs of the bank’s entities will meet in a strategic session titled ‘Unlocking Economic Potential’ which reflects IsDB’s commitment to promoting economic growth.