ALGIERS – Appointed by Algerian President, Prime Minister, Nadir Larbaoui, chaired on Tuesday evening at the “Abdelatif Rahal” International Conference Center (Algiers) the opening of the Islamic Development Bank Group Annual Meetings (IsDB) hosted by Algeria under the high patronage of the President, Abdelmadjid Tebboune.
In his speech on this occasion, the Prime Minister reaffirmed the support of President, Abdelmadjid Tebboune, for the efforts of the IsDB Group in favor of development and shared prosperity, as well as for strengthening cooperation and integration among countries of the Islamic world.
Larbaoui recalled that Algeria was one of the first countries to adopt the idea of creating a development bank supporting growth and contributing to cooperation among the peoples of the Muslim Ummah.
He also praised the Group’s achievements, particularly the new ten-year strategic framework of the IDB, which will further strengthen the collective conviction regarding the Group’s contribution to building an integrated Islamic world, directing its efforts and capabilities towards the prosperity and progress of its peoples.
He added that the international context in which these Annual Meetings are taking place, marked by exceptional circumstances and profound and rapid geopolitical shifts at both regional and international levels, accompanied by unprecedented trade tensions, makes joint development action within a multilateral framework, particularly South-South cooperation, a must.
In this regard, the Prime Minister affirmed that multilateral financial institutions, especially the IsDB Group, are now more than ever called upon to redouble their efforts to strengthen their capacities, mobilize more human and technical resources, and ensure the necessary financing for the implementation of continental projects, particularly those related to the development of basic infrastructure and industrial transformation.
To this end, he stressed the need to intensify efforts to adopt adapted and innovative financing mechanisms capable of meeting emerging needs and satisfying the growing demand for financing, particularly in areas related to innovation, artificial intelligence, and scientific research.
Larbaoui also highlighted the axes of the comprehensive national reform project, led and implemented by the President of the Republic, which focuses on diversifying national economy and freeing it from dependence on hydrocarbons through the promotion of investment, the development of exports, the strengthening of basic infrastructure.
He also presented the new legal and institutional system for the promotion of investment, which enshrines the principle of freedom to invest, guarantees legal stability and transparency, and ensures equitable treatment for all foreign and local investors.
This also involves a thorough revision of the law on money and credit to adapt it to the developments in this activity and lay the foundations for a high-performing, transparent, and open banking system, in addition to the establishment of an integrated national innovation ecosystem, encompassing training, support, and financing, to encourage entrepreneurship and support startups.
The Prime Minister further said that these comprehensive reforms, decided by the President of the Republic, have led to significant socio-economic results, accompanied by measures to support employment, increase wages, and modernize the university education system, thereby contributing to the consolidation of the principle of the social character of the State.
He stressed that these achievements would be strengthened in the future through the implementation of a major investment program for the valorization of mineral resources and comprehensive industrial and energy transformation.
Furthermore, the Prime Minister mentioned the genocidal war that the Palestinian people have been undergoing for over a year and a half, in addition to the systematic destruction of infrastructure and public facilities by the Israeli occupation, amidst the overwhelming silence of the international community, which is unable to put an end to this machine of destruction.
The participants in these meetings, which will continue until May 22, 2025, will discuss several issues related to the activities of the IsDB Group, as well as ways to strengthen its contribution to financing development and investment in member countries, and to promote their cooperation.
