Morocco’s Economy and Finance Minister Mohamed Boussaid was selected Chairman of the Board of Governors of the Jeddah-based Islamic Development Bank Group (IDB) for a year.
The tenure will end at the end of the 44th Council meeting, scheduled to take place in Marrakech in April 2019, said a statement from the Finance Ministry.
Boussaid was appointed to the position during the 43rd meeting of the IDB Board of Governors, held this April 3-5 in Tunis.
Addressing the Board of Governors, Boussaid praised IDB’s role in developing new cross-cutting partnership strategies with member states and enhancing the effectiveness of the group’s interventions, in addition to promoting investment and trade exchanges among member states and supporting the private sector.
He highlighted the different constraints faced by Islamic countries in the current economic juncture at the regional and international levels and called on the IDB to continue to mobilize and support its members in order to achieve economic diversity and the structural transition to more productive sectors that are likely to create more jobs for young people.
The Moroccan official also underscored the importance of IDB initiatives in promoting Arab-African cooperation and strategic partnership. He highlighted in this connection the pioneering role of the banking group in strengthening Arab-African trade and financing inclusive development projects, especially after the signing of a convention on the creation of a continental free trade area in Africa.
Boussaid who led the Moroccan delegation to the meeting held side talks with several Finance Ministers of Arab, Islamic and African countries.