ALGIERS, Algeria, May 22. The Islamic Development Bank (IsDB) is ready to continue funding key infrastructure and projects, Chief Economist of the IsDB Group Areef Suleman said during the panel discussion "From vision to action: economic diversification as a lever for structural transformation" within the framework of the IsDB's Annual Meetings in Algiers, Trend reports.
He emphasized that a stable macroeconomic environment is needed to attract investment.
"Sound fiscal policies, predictable regulations. We've heard about the legal and regulatory environment. Contract is important, legal is important. Equally important is investment in new capital. The right levels of skill sets, the right skill sets, the right diversity of skills," Suleman noted.
According to him, basic infrastructure, the right level of electricity, and other basic conditions without which the private sector won't be ready to come into a country.
"Strong innovation and industrial policy helps. Access to finance, not just access, but also the cost of finance needs to be important. Trade and regional integration. Access to global value chains. Good quality, high quality infrastructure. Environmental social responsibility, also equally important areas that the private sector would look at," he stressed.
Suleman added that the IsDB is focused on supporting sustainable development.
"Infrastructure is something that mankind is financing a lot. It's a big portion of our portfolio. Investments in health, education, the energy sector. These are areas that hold the local skill set, but also put in place the right infrastructure for us to be able to make an impact and help with the diversification efforts on development," he pointed out.
The official noted that the bank is ready to provide that sort of infrastructure financing that's needed. Investing in health, education, agriculture, capacity development, etc.
"We do a lot of this across the globe," the bank representative concluded.
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