By KUNA,
Kuwait : President of the Islamic Development Bank (IDB) Dr. Ahmad Mohammad Ali has announced the bank’s 2020 vision for human dignity, aimed at boosting social and economic development.
In a report published by “Kuwait Fund Magazine” of Kuwait Fund for Arab Economic Development, he said the vision aimed to alleviate poverty and elevate standards of living through human development.
Moreover, he said the IDB allocated USD 27 billion to boost intra-trade among member states of the Organization of the Islamic Conference (OIC), adding that the target was to raise the level of intra-trade to 20 percent of its total trade with the world.
Intra-trade among Muslim countries currently stands at 15 percent, he said.
Ali also noted that the IDB’s Islamic Trade and Financing Corporation (ITFC) would be cooperating with regional and international organizations working in the field of commercial development, such as UN agencies, development banks, and commerce ministries with the aim of boosting commerce in Muslim countries.
He explained that ITFC worked along three axes to achieve its goals, the first of which was using the IDB’s financial development capabilities and the trust of the market that it enjoyed.
The second axis, the president said, was strengthening commerce and infrastructure, as well as supporting industry, commercial services, transportation and communication among OIC member states.
As for the third and final axis, Ali said it was facilitating commerce and encouraging it, while reducing customs tariffs.
Moreover, he said that since the IDB’s inception in 1977, its financing operations exceeded USD 25 billion and that its commercial financing operations for developmental projects in Muslim countries exceeded USD 50 billion.