Jeddah, President of the Islamic Development Bank (IDB) Dr. Mohammad Al-Jasser, who is also Chairman of the Board of Directors of IDB Group, stressed that his organization is embarked on the process of realigning its strategy towards promoting recovery from the coronavirus epidemic, tackling poverty and helping advance the economic growth agenda.

This came in a key speech he delivered at the 37th Ministerial Session of IDB Group Standing Committee for Economic and Commercial Cooperation, which concluded yesterday with the participation of finance and economy ministers and senior officials from 57 OIC member countries.

Al-Jasser said that the three major international rating agencies: Standard & Poor's, Moody's and Fitch, affirmed the bank's rating at AAA with a stable outlook, adding that the bank has successfully secured public and private Sukuk issuances.

He stated that IDB Group continues to support small and medium-sized companies through various programs as part of its efforts to achieve recovery, noting that about 93 percent of project approvals amounting to $561 million submitted for this year were directed directly to small and medium enterprises in member states.

He added that the International Islamic Trade Finance Corporation provided $604.7 million in support for member countries under IDB Group's COVID-19 Strategic Preparedness and Response Program, and that $266.4 million of this support went to small and medium-sized enterprises.

In addition to this, $750 million were allocated as additional funding for the benefit of member states as part of the funds allocated to the recovery phase, he concluded.

Source: Saudi Press Agency