IDB Plans To Open Regional Office In KL

KUALA LUMPUR, May 20 (Bernama) -- The Islamic Development Bank (IDB) is considering opening its regional office here and are reviewing the role of this office in assisting the development of member countries. Malaysia's Second Finance Minister Ahmad Husni Hanadzlah said IDB had envisioned Malaysia to play a bigger role regionally especially as the link with China. "One of the areas in particular is leveraging the "One Belt, One Road" initiative that was launched by China," he said, adding that the intention was conveyed by IDB President Dr Ahmed Mohamed Ali Al-Madani on the sidelines of the 41th Annual Meeting of the Islamic Development Bank Group in Jakarta, Indonesia. Husni, who led the Malaysian delegation to the annual meeting from May 17-19, said more funds and assistance would be able to aid in the development of IDB's member countries. In a statement, the second finance minister reiterated on strengthening the partnership between member countries, including Malaysia, and IDB to facilitate the transfer of knowledge and sharing of development experience especially with low income member countries. Among areas of assistance to be provided was for medium to long-term development planning and transformation programme. The finance minister also met the Chief Executive Officer of Islamic Corporation for the Development of the Private Sector (ICD), Khaled Mohamed Al-Aboodi who informed of the assistance that was available for Malaysian companies intending to expand their business abroad. ICD is a member of IDB. ICD, a member of IDB, was established to support the economic development of IDB member countries by providing financing for private sector projects, promote competition and entrepreneurship, provide advisory services to governments and private companies and encourage cross-border investment. Husni said Malaysia was selected by ICD for the sharing of technical knowledge when it assisted the Kingdom of Jordan in raising its sukuk and would continue to assist in any such initiative in the future. Meanwhile, Malaysia's participation in the IDB 41st Annual Meeting highlights the key lessons from its development journey and its vision to strengthen the ummah. It reaffirms the country's commitment in ensuring economic and financial stabilities of its member countries are given the highest priority, the statement added. --BERNAMA