- Title: Islamic Development Bank to revamp, decentralise ops
- Date: 23rd May 2017
- Summary: SARAJEVO, BOSNIA AND HERZEGOVINA (MAY 23, 2017) (REUTERS) ISLAMIC DEVELOPMENT BANK PRESIDENT BANDAR HAJJAR SITTING IN HOTEL LOBBY HAJJAR WRITING NOTES HAJJAR TALKING HAJJAR'S HANDS (SOUNDBITE) (English) ISLAMIC DEVELOPMENT BANK PRESIDENT, BANDAR HAJJAR, SAYING: "The new plan focuses on shifting the IDB from (a) development bank to a bank of developers. IDB needs to shift away from providing individual small-scale intervention to value chain core solutions to development challenges." HAJJAR SCROLLING THROUGH DOCUMENT ON COMPUTER (SOUNDBITE) (English) ISLAMIC DEVELOPMENT BANK PRESIDENT, BANDAR HAJJAR, SAYING: "Beside the traditional ones (investors) which are government and private sector, we will have also the NGOs, foundations, universities, people in all the countries, who will use the platforms to resource mobilisation, personal, financial expertise, knowledge-sharing. We will create a network and the bank will play the role of catalyser in this network." HAJJAR TALKING (SOUNDBITE) (English) ISLAMIC DEVELOPMENT BANK PRESIDENT, BANDAR HAJJAR, SAYING: "We'll have a new vice-president for finance, because this position was vacant for more than about one year, and when he comes he will restructure the department of finance. Of course anybody new to any position he will try to assess what is going on and then try to improve the situation." VARIOUS OF HAJJAR LOOKING AT DOCUMENT ON COMPUTER
- Embargoed: 6th June 2017 13:05
- Keywords: sustainable support decentralisation change in strategy Bandar Hajjar Islamic Development Bank
- Location: SARAJEVO, BOSNIA AND HERZEGOVINA
- City: SARAJEVO, BOSNIA AND HERZEGOVINA
- Country: Bosnia and Herzegovina
- Topics: Overseas Development Aid,Government/Politics
- Reuters ID: LVA0016I288ST
- Aspect Ratio: 16:9
- Story Text: The Islamic Development Bank (IDB), the largest development organisation in the Muslim world, plans to revamp its operations, including a shift away from small-scale capital interventions to more sustainable, grassroot-level support.
The non-profit group has extended $86.1 billion in financing in the last ten years for energy, transportation, water and sanitation projects. Bangladesh, Pakistan and Egypt are among the top beneficiaries.
But its new president, Bandar Hajjar, said the bank needed to decentralise and change the way it operates. The IDB has traditionally provided capital and technical assistance to individual firms and government organisations, but Hajjar said the bank would engage a wider array of entities and plans to form a network of non-governmental organisations, foundations and universities.
Hajjar, Saudi Arabia's former haj minister, was elected president of the IDB last year, replacing long-serving Ahmad Mohamed Ali who steered the bank since its establishment in 1975. The IDB tripled its authorised capital to $150 billion in 2013 and in 2015 up-sized its flagship Islamic bonds (sukuk) issuance programme to $25 billion.
- Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2017. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None