Bangladesh Assumes Role as Executive Director at Islamic Development Bank

In a significant development, Bangladesh has been elected as an Executive Director on the Board of the Islamic Development Bank (IsDB). The announcement came following the IsDB’s 2023 Annual Meeting that took place in Jeddah, Kingdom of Saudi Arabia, from May 10-13.

The tenure of the appointment is set to span three years, beginning in 2024. In this capacity, Bangladesh will join other member nations such as Afghanistan, Pakistan, and Maldives, as confirmed by an Economic Relations Division (ERD) press statement. Notably, Pakistan, having served in this role since 2020, had sought to extend its term further.

However, the Bangladeshi delegation, led by ERD Secretary Sharifa Khan, opposed this proposal, referencing Article 31(3). The article stipulates a three-year term for the elected member country, followed by rotation in alphabetical order. After rigorous negotiations, Bangladesh emerged as the newly elected Executive Director of the IsDB board.

The Bangladeshi delegation consisted of five high-ranking ERD officials and members of the Bangladesh mission in Riyadh. The 2023 meeting’s theme was ‘Partnerships to Fend off Crises.’ The delegation highlighted the crucial role of IsDB in providing its member countries with concessional financing, and technical support, and forging partnerships through South-South cooperation to address the prevailing geopolitical crisis.

During the meeting, the delegation engaged in various sessions and interacted with key figures including Muhammad Sulaiman Al Jasser, President of IsDB; Ghassan Al-Baba, General Secretary of the IsDB Group, CEO of ITFC, and Acting CEO of ICD; and Mariyam Manarath Muneer, Deputy Minister of Finance, Maldives, among others.

A significant highlight of the annual meeting was the International Islamic Trade Finance Corporation (ITFC), a subsidiary of IsDB, commemorating 15 years of partnership. Bangladesh has been conferred the ‘Largest Financing Partner’ Award, acknowledging the nation’s consistent borrowing from ITFC for global fuel procurement and its flawless debt repayment record.

The IsDB Board of Governors also sanctioned a €270 million loan for the Rural and Peri-Urban Housing Finance project, further solidifying Bangladesh’s position as a key partner in the bank’s initiatives.