ALGIERS, Algeria, May 20. The official opening ceremony of the Islamic Development Bank (IsDB) Group’s 2025 Annual Meeting took place in Algiers, Trend’s special correspondent reports.
In his opening remarks, Algeria’s Minister of Finance Abdelkrim Bouzred emphasized that hosting the Annual Meeting reflects the country’s strong commitment to the Bank and its mission.
“I’m pleased to welcome you all to Algiers for the 50th session of the Islamic Development Bank Group. This marks the third time we’ve hosted the meeting—following previous sessions in 1999 and 2001—which speaks to the deep and lasting ties between Algeria and this international organization,” he said.
“We greatly value the role the IsDB plays as a financial institution that supports development across its member countries, promotes improvements in the environment and infrastructure, and invests in human capital—all of which contribute to achieving the Sustainable Development Goals,” Bouzred added.
He reaffirmed Algeria’s commitment to a strong partnership with the Bank, noting that Algeria, as one of its founding members, has always considered the IsDB a shared home.
Also speaking at the event, Secretary General of the Organization of Islamic Cooperation (OIC) Hissein Brahim Taha stressed the need to deepen economic cooperation among OIC member states.
“In this context, we are filled with hope. We have important partners who will help our member states meet today’s challenges and move toward a more prosperous and sustainable future—a future we deeply believe in,” he said. “The OIC General Secretariat will continue working closely with you to better serve the interests of our member countries.”
Chairman of the IsDB Group, Muhammad Al Jasser, said that the Islamic Development Bank and Algeria share a long-standing history of successful partnership.
"Since its inception, the IsDB Group has been supporting Algeria’s development efforts through various financing and development activities, totalling about $3 billion, which reflects the depth of our partnership and the strength of cooperation ties.In this regard, I would like to commend the Algeria’s efforts to diversify its economy and make it more inclusive and equitable. Algeria is confidently moving forward on an ambitious development path that places economic diversification at the heart of its priorities. This underpins the Country Engagement Framework 2025-2027 which we are proud to launch on the occasion of these Annual Meetings," Al Jasser said.
He went on to note that the world is going through a period of instability, marked by overlapping crises.
"In the midst of a highly complex global landscape where crises are intertwined, the global economy today faces unprecedented challenges, on top of which are the escalating geopolitical tensions, the worsening economic fragmentation and the repercussions of climate change. These and other factors have led to a slowdown in global growth to 3.3% in 2024, with a further decline to 2.8% in 2025, according to the latest IMF report," IsDB Group chairman noted.
According to him, developing a unified market and strengthening regional integration are key steps toward enhancing economic resilience, increasing self-sufficiency, and ensuring long-term economic stability.
Al Jasser emphasized that despite all the challenges, the Islamic Development Bank has continued to play a leading role in advancing development efforts and promoting economic stability in its member countries.
The event, which runs through May 22, is being held under the theme: "Diversifying Economies, EnrichingLives".
