Toukan heads Jordan’s delegation to annual meetings of Islamic Development Bank in Jeddah

AMMAN — Minister of Planning and International Cooperation Zeina Toukan led the Jordanian delegation to the 2023 Annual Meetings of the Islamic Development Bank (IsDB) Governors' Council, which concluded on Saturday in Jeddah.

Held under the theme "Building Partnerships to Prevent Crises", the meetings align with the IsDB's strategy for 2023-2025, meant  to support economic recovery and resilience in member countries, enabling them to address the financial and economic challenges resulting from consecutive crises, according to the Jordan News Agency, Petra.

Toukan, who is Jordan's IsDB governor, emphasised the importance of the bank’s realigned strategy for 2023-2025 in meeting the diverse needs of member states and empowering them to face challenges and enhance resilience. The strategy focuses on three key areas: Promoting recovery, combating poverty and building resilience, and promoting environmentally sustainable economic growth

The meetings hold significant relevance as member countries continue to grapple with substantial economic and financial challenges, seeking recovery from the COVID-19 pandemic and the repercussions of the Ukrainian-Russian conflict. These challenges have impacted food security, supply chains, financing costs, and fiscal space. Addressing these issues requires close collaboration between countries and development partners, including the IsDB.

Alongside the meetings, Toukan held discussions with the president of the Islamic Development Bank Group, the CEO of the Saudi Development Fund, the director-general of the OPEC Fund for International Development, and the CEOs of the International Islamic Trade Finance Corporation and the Islamic Corporation for the Development of the Private Sector. 

During the meetings, Islamic banks and funds were acquainted with Jordan's development-related priorities, projects and initiatives derived from the Economic Modernisation Vision and the 2023-2025 executive programme. These projects can be financed through accessible financial instruments provided by the institutions and banks. Furthermore, the progress of ongoing programmes and projects funded by these institutions was reviewed, according to the Jordan News Agency, Petra.

Jordan also participated in the roundtable meeting of Islamic Development Bank Governors, held alongside these discussions, under the theme "Harnessing Partnerships between South-South Countries to Address Crises". The objective was to foster increased partnerships among southern nations to collectively tackle the challenges they face and achieve shared benefits.

Jordan emphasised the significance of developing innovative and diverse financial structures, combining different types of financing, increasing grants and official development assistance to southern countries, and promoting the exchange of innovation and expertise among member nations through sustainable institutional mechanisms.

Jordan places great importance on its relationship with the Islamic Development Bank, which serves as a vital partner in supporting the Kingdom's development endeavours. The bank provides financing and technical support for numerous developmental and investment programmes and projects. To date, the bank has extended approximately $2.9 billion in developmental financing to Jordan since 1975.

This financing includes recent support to the Emergency Food Security Project with a value of $200 million. Additionally, the bank has funded the project to bolster the economic resilience of small enterprises through a $20 million interest-free loan, to help Jordan address the repercussions of the COVID-19 pandemic.