Istanbul, November 5, 2024 — The 40th Ministerial Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of Islamic Cooperation (OIC) is being held in Istanbul from November 2 to 5, 2024. The event has brought together leaders, policymakers, and key stakeholders from across the OIC member states to discuss vital issues related to economic cooperation, sustainable development, and trade and investment opportunities. The session provides an important platform for advancing economic collaboration and solidarity among the member countries, with the goal of addressing global challenges and promoting long-term growth and development.
During the session, Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group, addressed the assembly, reaffirming the IsDB’s unwavering commitment to tackling global challenges and fostering sustainable development across the OIC region. He highlighted the bank’s pivotal role in supporting its member countries in achieving their development goals, particularly in areas such as poverty reduction, economic diversification, food security, and digital inclusion. Dr. Al Jasser noted that the IsDB is deeply committed to promoting the Sustainable Development Goals (SDGs) and helping member states address both their immediate needs and long-term aspirations.
One of the key points emphasized by Dr. Al Jasser was the significant increase in the IsDB’s development financing for 2024. The bank approved $4.7 billion in development funding, more than tripling its contributions from 2020. This marks a remarkable milestone for the IsDB, bringing the total amount of development approvals since its inception to an impressive $194 billion. The surge in funding reflects the IsDB’s strengthened capacity and determination to support its member states, especially as they confront challenges such as global economic instability, climate change, and social inequality.
The IsDB's financial support is designed to help countries address a wide range of critical challenges, from infrastructure development to healthcare and education. By focusing on sectors that promote sustainable growth, the bank is enabling member states to build resilience and accelerate progress toward meeting their development objectives. Dr. Al Jasser emphasized that this funding is particularly crucial as countries grapple with the impacts of the COVID-19 pandemic, geopolitical tensions, and other global disruptions.
Trade cooperation within the OIC has been a central theme of this year’s COMCEC session, and Dr. Al Jasser reiterated the IsDB’s ongoing efforts to boost intra-OIC trade. One of the key initiatives is the Arab-Africa Trade Bridges Program, which aims to enhance trade between Arab countries and African nations. By facilitating trade financing, improving infrastructure connectivity, and promoting food security, this program is helping to create new opportunities for economic collaboration and self-sufficiency within these regions. Strengthening trade ties among OIC members is seen as an important step toward reducing dependence on external markets and building economic resilience across the organization.
Alongside these traditional trade initiatives, Dr. Al Jasser stressed the importance of digital transformation and innovation in driving economic growth. The IsDB’s 2024-2027 Digital Strategy places a strong emphasis on leveraging technology and digital platforms to promote financial inclusion, foster entrepreneurship, and expand access to services across OIC member states. Dr. Al Jasser explained that through South-South partnerships, the IsDB is working to advance digital empowerment and bridge the digital divide that exists within the region.
Several digital banking projects are already underway in countries like Tunisia and Mauritania, while the FIKRA ACE Program in Malaysia focuses on supporting digital innovation and entrepreneurship. These initiatives are designed to enhance access to financial services, particularly in underserved and remote areas, and to encourage the growth of digital economies. Dr. Al Jasser pointed out that financial inclusion is key to reducing poverty and inequality, and the IsDB’s digital strategy is aimed at providing individuals and businesses with the tools they need to thrive in the digital economy.
The IsDB’s efforts in digital finance and innovation are not only about improving access to banking services but also about creating an ecosystem that promotes entrepreneurship and facilitates access to global markets. As more OIC member states embrace digital technologies, the IsDB believes that these efforts will contribute to greater economic diversification, job creation, and inclusive growth.
In his address, Dr. Al Jasser also reiterated the IsDB's commitment to collaborating with the OIC and its affiliated institutions to drive sustainable growth and strengthen solidarity among member states. He emphasized that tackling the multifaceted challenges facing the region requires a collective effort and that the IsDB will continue to work hand-in-hand with COMCEC and other OIC bodies to promote development, stability, and cooperation.
Dr. Al Jasser concluded his speech by stressing the importance of solidarity in navigating the complex issues of the 21st century. He reaffirmed the IsDB’s determination to continue supporting its member states as they work together to overcome shared challenges, whether those be economic, social, or environmental in nature. The IsDB, he said, will remain a steadfast partner in helping OIC countries achieve sustainable and inclusive development, guided by the principles of mutual cooperation and shared responsibility.
As the COMCEC session progresses, it is clear that the OIC’s collective vision for the future is one of strengthened economic ties, greater digital inclusion, and enhanced resilience in the face of global challenges. The IsDB’s increasing financial support and its focus on digital transformation are central to this vision, as they provide the foundation for long-term prosperity and stability within the organization. Through continued collaboration, the OIC and its institutions are poised to build a more connected, sustainable, and prosperous future for all their member states.