The Islamic Development Bank (IDB) to Host the 11th Meeting of the Heads of Financial Institutions and Funds (Coordination Group- CG)

The 11th meeting of CG is expected to be attended by heads of the Arab Development Fund (Riyadh), the Kuwait Fund for Arab Economic Development (Kuwait), the Arab Fund for Economic and Social Development (Kuwait), the Abu Dhabi Development Fund (Abu Dhabi), the Arab Monetary Fund (Abu Dhabi), the Arab Bank for Economic
Development in Africa (BADEA) (Khartoum), AGFUND (Riyadh), the OPEC Fund for International Development (OFID) (Vienna) and the Islamic Development Bank (Jeddah).

Many issues will be addressed during the meeting through several working papers on the role of the CG in boosting development efforts in Palestine, the Group’s greater efforts to assist least developed African countries in achieving the Millennium Development Goals (MDGs), ways of strengthening trade finance cooperation within the Group to promote development, increase the efficiency of development finance in general, setting up of a suitable Arab assistance promotion mechanism and ways of strengthening projection execution cooperation with the Group.

Since the Coordination Group was established over three decades ago, it has provided overall US$ 80 billion worth of financing designed to boost socio-economic development efforts in developing countries worldwide like – the Trans-Saharan Highway (Algiers – Lagos) and the road link between Dakar, Senegal and Port Sudan, Sudan, – the Djama – Manantali dams construction project designed to harness water flow along River Senegal. The Coordination Group has also helped to coordinate many
development project finance efforts in Central Asia worth nearly US$1 billion in sectors such as transport, communication, electricity, industry, water, agriculture, housing, health, education, training and institutional capacity building.