Bandar Hajjar

Islamic Development Bank forms $500M science fund

The Islamic Development Bank (IDB) announced it had formed a $500-million fund for scientific research. President Bandar Hajjar said the fund would find solutions to economic adversity using scientific innovations. He was speaking at the 33rd Ministerial Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) in Istanbul. Hajjar added that the bank had received 100 million Saudi riyals ($26.6 million) as contribution. He also added that to address the issue of youth unemployment a five-year program has been launched to improve cooperation between universities, research centers, non-governmental organizations and government departments.

Islamic Development Bank to finance African #infrastructure projects

The Islamic Development Bank (IDB) has approved a multi-million-dollar package of financing to boost infrastructure investments in seven African nations. Burkina Faso, Cote d’Ivoire, Senegal, Mali, Guinea, Tunisia and Suriname will benefit from a share of the total $805 million deals for investments in energy, housing, agriculture and water supply. IDB president Dr Bandar Hajjar signed the agreements with the finance ministers of the beneficiary countries. Cote d'Ivoire will receive $265m for the Cocody Bay project and vocational training. Mali will receive $166m for the country’s Sirakoro power plant project and Burkina Faso will receive $104m for a power project. Guinea is to receive $16m for a rural water supply project and Tunisia will receive $80m for agricultural development. Senegal and Suriname will receive a total of $173 for housing projects.

Islamic Development Bank Group, UN Cooperating on SDG #Partnership Strategies

Islamic Development Bank (IDB) Group President Bandar Hajjar and UN Deputy Secretary-General Amina Mohammed identified priority areas for a strengthened cooperation. They also explored opportunities to collaborate on global, regional and country-level priorities to achieve the SDGs. The UN and the IDB will seek to develop private sector partnerships, advance the Global Islamic Impact Investing Platform for blending Islamic Financing and Private Sector resources, and promote institutional cooperation. Bandar Hajjar stressed that the IDB Group was fully committed to the SDGs, while Amina Mohammed underscored the importance of interactive partnerships with governments and of country-level results.

IDB/World Bank #report details role of Islamic finance in ending poverty

A report published by the Islamic Development Bank (IDB) Group and World Bank Group has outlined the potentials of Islamic finance in curbing income inequality and ending poverty worldwide. The report was unveiled by IDB President, Dr Bandar Hajjar, on the sides of the 42nd Annual Meeting of the IDB Group in Jeddah. It details the trends in Islamic finance, identifies the major challenges and recommends policy interventions to leverage Islamic finance. The report notes that the Islamic banking sector needs innovative risk-sharing products and services, enhanced scale and access to Islamic finance, improved liquidity and stability, and bolstered human capital and literacy in Islamic finance. The report also provides an overview of recent policy initiatives taken by several IDB member countries to promote shared prosperity.

$453 million in infrastructure projects for Islamic Development Bank members

A total of $453 million worth of infrastructure projects for five member states has been approved by the Islamic Development Bank (IDB). The approval was given ahead of its annual meeting of the Board of Governors on 17-18 May 2017 in Jeddah, Saudi Arabia. IDB also approved three special assistance projects worth $580,000 for Bosnia and Herzegovina, Kenya and Rwanda. The President of IDB, Dr. Bandar Hajjar, underlined the role of infrastructure projects in order to accelerate development activities. He notied that the meeting addressed in detail youth economic empowerment and the significant opportunities created for youth through infrastructure projects.

President of #Kazakhstan commends cooperation with IsDB Group

The President of Kazakhstan, Nursultan Nazarbayev met with the President of the Islamic Development Bank (IsDB), Dr. Bandar Hajjar, on an official visit to the Kingdom of Saudi Arabia. President Nazarbayev praised the cooperation between IsDB and his country and congratulated Dr. Hajjar on his recent assumption of duties as the new IsDB Group President. President Nazarbayev plans to launch the program 100 Steps, which is designed to introduce structural and economic reforms to Kazakhstan. The program also envisages the launching of Astana International Financial Center as a center of excellence for financial services at regional and global level. President Nazarbayev called on IsDB to provide technical support in the fields of development and Islamic finance. Dr. Hajjar assured that the IsDB Group would provide the required technical assistance to support President Nazarbayev’s initiatives.

Finance Minister meets IDB President

#Bahrain's Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa has met with the new President of the Islamic Development Bank (IDB) Group, Dr. Bandar Hajjar. The meeting was held on the sidelines of the minister's participation in the annual meetings of the Boards of Governors of the IMF and the World Bank Group held in Washington. Ways to broaden the close cooperation between the two sides were discussed. The minister praised the IDB's distinguished standing, which plays a vital role in promoting the development movements in Arab and Islamic countries.

Islamic Development Bank to elect new president next week

The Islamic Development Bank (IDB) will elect a new president next week in Jakarta, replacing long-serving president Ahmad Mohamed Ali. Saudi Arabia, the IDB's largest shareholder, has nominated Bandar Hajjar for the post. His candidacy was also endorsed by the outgoing IDB president. The new president will have big shoes to fill: Mr Ali tripled the bank's authorised capital to US$150 bn in 2013 and last year up-sized its sukuk issuance programme to US$25 bn.

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