RIYADH: Kuwait participated in the 49th annual ministerial meeting of the Board of Governors of the Islamic Development Bank Group, held in Riyadh. During the meeting, the forty-ninth annual report for the fiscal year 2023 of the Islamic Development Bank was approved, which includes the bank’s financing operations and its various activities, in addition to economic and global developments and their effects on member states. The audit accounts of the bank and its affiliated institutions for the fiscal year 2023 were also approved, and the president and two vice presidents of the Board of Governors were elected for 2025.

The nomination of Qatar as a member of the Board of Directors of the Islamic Corporation for the Development of the Private Sector for the ninth session 2025/2027, representing the Arab Group C (non-African Arab countries), was also supported. The Republic of Algeria was also chosen to host the next meeting of the Board of Governors of the Islamic Bank Group 2025. Kuwaiti Minister of Finance, Minister of State for Economic Affairs and Investment, and Kuwait’s Governor at the Islamic Development Bank, Dr Anwar Al-Mudhaf participated in the meeting.

Since its founding in 1975, the Islamic Development Bank has contributed to supporting joint Islamic action in economic and social development, strengthening the bonds of trade cooperation, and moving forward with Islamic solidarity among Islamic countries. The Bank has also achieved distinguished success during the past fifty years at various levels, as the number of member states increased from 22 states upon its founding, to 57 member states in Asia, Africa, Europe and South America. — KUNA