Medina: Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, and Governor of Egypt at the Islamic Development Bank, participated in the meeting of the Governors of the Islamic Development Bank held in Medina, Saudi Arabia.
According to State Information Service Egypt, this event was organised in conjunction with the conclusion of the bank’s current strategic cycle in 2025 and the commencement of a new strategic planning period for 2026-2035. The meeting was chaired by Dr Mohammad Sulaiman Al-Jasir, President of the Islamic Development Bank, in the presence of Mr Laziz Fada, Chairman of the Board of Governors and Minister of Finance of Algeria, Mr Mohammad Abdallah Al-Jadaan, Minister of Finance of Saudi Arabia, Mr Ahmad Kajouk, Minister of Finance and Deputy Governor of Egypt at the bank, as well as the governors of the participating countries and other officials.
In her address, Dr Rania Al-Mashat confirmed Egypt’s commitment to playing a key role in the Islamic Development Bank to promote the economic and social development of the participating countries. She discussed Egypt’s proposals aimed at strengthening the strategic framework of the banking group for the period 2026-2035, based on significant progress and the global strategy proposed by the bank.
The Minister of Planning, Economic Development and International Cooperation emphasised the importance of enhancing integration among the sectors and issues faced by the participating countries, such as poverty, inequalities, and climate change. She highlighted that these issues are interconnected and cannot be resolved through isolated interventions, with the aim of providing comprehensive and effective solutions.
Dr Al-Mashat explained that these efforts contribute to complementing the frameworks presented by the bank and ensure a more effective distribution of resources, achieving sustainable outcomes in the long term. She also highlighted the importance of expanding innovative financing mechanisms to meet the growing demand for resources from the participating countries and to respond to challenges. This includes strengthening the bank’s existing solid financial strategies, such as Islamic social financing and green sukuk to finance projects in renewable energy and climate-resilient infrastructure.
She also mentioned mixed financing models to reduce project risks and stimulate private sector participation. The meeting provides an opportunity for the bank’s governors to discuss their expectations regarding the banking group, its role, and areas of focus for the next ten years. This involves conducting high-level consultations and discussing ideas and opinions on the prepared working document, which proposes an analysis of the internal and external context of the banking group and presents key strategic proposals for forming the strategic framework of the banking group for the period 2026-2035.