Marrakech to Host 44th Annual Meeting of Islamic Development Bank

The Islamic Development Bank (IDB) will convene its 44th annual meeting in Marrakech April 3-6 to discuss challenges and explore opportunities facing IsDB Group member countries.

The announcement of the venue was made Thursday by Moroccan Minister of Economy & Finance Mohamed Benchaaboun during the Public-Private Partnerships Forum 2019 organized by the IsDB in Rabat.

Mohamed Benchaaboun also announced at a press conference on the sidelines of the forum that the Jeddah-based financial institution has decided to raise its financial assistance to Morocco in the period 2019-2022.

He said that a convention relating to the new IsDB financing program will be signed in Marrakech on the occasion of the 44th Annual Meeting of the Saudi banking institution.

“We are in the process of finalizing this funding program which will interest the strategic sectors of health, education and the regions,” he said, without however disclosing the amount of the financial assistance.

Chair of the IsDB Group, the Saudi Bandar Hajjar on his part praised Morocco’s African expertise, and expressed his institution’s wish to benefit from this experience to improve partnership with African countries.

The Public-Private Partnerships Forum 2019 was attended by decision-makers from the public & private sectors, internationally renowned experts, Govt officials and business leaders. They discussed the opportunities and challenges to create the best environment for PPP projects, particularly in the African continent, as the traditional model of government-financing is no longer sustainable.

As the development financing gap widens to $ 2.5 billion per year, the IsDB is pleading for a new global development model likely to enable all economic agents in the market – both public and private – to play a role in development.

Morocco was chosen to host the PPP Forum, in recognition of its success with PPPs and co-financed projects, including the expansion and rehabilitation of the Jorf Lasfar Port project, the Tangier-Casablanca high-speed rail line and the Noor Solar Power Complex.

Since its inception, the Islamic Development Bank has supported PPP projects in its 57 Member Countries with an amount of $3.93 billion where co-financing was in excess of $45 billion, in the areas of utilities, financial services, minerals, energy and healthcare.

Morocco is one of the Bank’s key beneficiaries of PPP projects and has received $6.7 billion in financing since the creation of the bank in 1975.