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Annual Report Annual Shaping New Frontiers New Frontiers Shaping ISLAMIC DEVELOPMENT BANK DEVELOPMENT ISLAMIC 2019 ANNUAL REPORT ANNUAL REPORT 2019 SHAPING NEW FRONTIERS FOR SUSTAINABLE DEVELOPMENT WHO WE ARE The Islamic Development Bank is a Multilateral Development Bank (MDB), working to improve the lives of those we serve by promoting social and economic development in member countries and Muslim communities worldwide, delivering impact at scale. WE BELIEVE ALL PEOPLE HAVE THE RIGHT TO LIVE IN DIGNITY AND PROSPERITY, AND THAT NURTURING ECONOMIC GROWTH IS THE BEST ROUTE OUT OF POVERTY. WE FOSTER WE EQUIP INNOVATIVE AND PEOPLE TO DRIVE THEIR SUSTAINABLE SOLUTIONS OWN ECONOMIC AND SOCIAL TO THE WORLD’S GREATEST PROGRESS AT SCALE, PUTTING DEVELOPMENT CHALLENGES, INFRASTRUCTURE IN AS WE WORK TOWARDS PLACE TO ENABLE THEM THE SUSTAINABLE TO FULFIL THEIR DEVELOPMENT WE BUILD POTENTIAL. GOALS. COLLABORATIVE PARTNERSHIPS AMONG COMMUNITIES AND NATIONS, ACROSS THE PUBLIC AND PRIVATE SECTORS. This is the first of two EMPOWERING PEOPLE FOR volumes of the Annual Report of the Islamic Development Bank. The second volume contains the A SUSTAINABLE FUTURE audited financial statements and is published separately as the Financial DRIVING INNOVATION, PARTNERSHIPS, ISLAMIC Statements. Both volumes are available online at www.isdb.org. FINANCE AND VALUE CHAINS 17 1 16 2 3 5 1 4 4 2019 1 ANNUAL REPORT 3 3 1 SHAPING NEW FRONTIERS 1 5 FOR SUSTAINABLE 1 2 DEVELOPMENT 6 1 1 7 10 8 9 “We are analyzing the effectiveness of our strategic interventions and as we move forward, we will consolidate successes and improve on other aspects to ensure that we continue to fulfil our mandate to support member countries towards achieving sustainable development.” 17 1 16 2 3 5 1 4 4 1 3 3 1 1 5 1 2 6 1 1 7 10 8 9 THE IsDB GROUP IS FULLY COMMITTED TO THE SUSTAINABLE DEVELOPMENT GOALS, RECOGNIZES THE VARYING DEVELOPMENT NEEDS OF MEMBER COUNTRIES AND ADAPTS INTERVENTIONS ACCORDINGLY. CORPORATE PROFILE THE ISLAMIC DEVELOPMENT BANK ESTABLISHMENT ISLAMIC DEVELOPMENT BANK GROUP The Islamic Development Bank (IsDB) is a Multilateral The IsDB Group comprises five entities. The Islamic Development Bank established pursuant to Articles of Development Bank (IsDB), the Islamic Research and Agreement signed in the city of Jeddah, Kingdom of Training Institute (IRTI), the Islamic Corporation for the Saudi Arabia, on 21 Rajab 1394H, corresponding to 12 Development of the Private Sector (ICD), the Islamic August 1974. The Inaugural Meeting of the Board of Corporation for the Insurance of Investment and Export Governors took place in Rajab 1395H (July 1975) and the Credit (ICIEC), and the International Islamic Trade Finance IsDB formally began operations on 15 Shawwal 1395H Corporation (ITFC). (20 October 1975). HEAD QUARTER AND REGIONAL HUBS VISION The IsDB is headquartered in Jeddah, the Kingdom of Saudi The Islamic Development Bank strives to become a Arabia, and has eleven Regional Hubs in Abuja, Nigeria; worldclass development bank, inspired by Islamic Almaty, Kazakhstan; Ankara, Turkey; Cairo, Egypt; Dakar, principles, that helps to significantly transform the Senegal; Dhaka, Bangladesh; Dubai, United Arab Emirates; landscape of comprehensive human development in the Jakarta, Indonesia; Kampala, Uganda; Paramaribo, Muslim world and to restore its dignity. Suriname; and Rabat, Morocco. MISSION FINANCIAL YEAR 2019 To promote comprehensive human development, with a The IsDB’s financial year used to be the lunar Hijra Year (H). focus on the priority areas of alleviating poverty, improving However, on 1st January 2016, the financial year was changed health, promoting education, improving governance and to the Solar Hijra year starting from 11th of Capricorn, ANNUAL REPORT bringing prosperity to the people. (corresponding to 1st January) and ending on 10th Capricorn (corresponding to 31st December of every year). SHAPING NEW FRONTIERS MEMBERSHIP The IsDB has 57 member countries across various ACCOUNTING UNIT FOR SUSTAINABLE regions. The prime conditions for membership are that The accounting unit of the IsDB is the Islamic Dinar (ID), the prospective country should be a member of the which is equivalent to one Special Drawing Right (SDR) of DEVELOPMENT Organization of Islamic Cooperation (OIC), that it pays the International Monetary Fund. the first instalment of its minimum subscription to the Capital Stock of the IsDB, and that it accepts any terms LANGUAGE and conditions that may be decided upon by the Board of The official language of the IsDB is Arabic, but English and Governors. French are also used as working languages. CAPITAL At its 38th Annual Meeting, the IsDB’s Board of Governors approved the 5th General Capital Increase whereby the Authorized Capital was increased to ID100 billion and the Subscribed Capital (available for subscription) was increased to ID50 billion. By the same Resolution, the Board of Governors agreed to the calling in of the callable (in cash) portion of the 4th General Capital Increase. As at the end of 2019, the subscribed capital of the IsDB stood at ID50.6 billion. 02 IsDB ANNUAL REPORT 2019 03 CONTENTS Abbreviations 06 Acknowledgements 07 Letter of Transmittal 08 Message from the President 09 Board of Executive Directors 10 Executive Summary: A Year-in-Review 12 CHAPTER 1 CHAPTER 2 OVERVIEW OF IsDB GROUP FOSTERING DEVELOPMENT DEVELOPMENT ACTIVITIES 23 IN MEMBER COUNTRIES 43 1.1 Recent Global Economic 2.1 Approvals and Development Issues and Performance 24 Achievements of the IsDB 1.2 Consolidating Development in 2019 44 Assistance (Cumulative 2.2 Strengthening Partnerships Approvals) 25 and Resource Mobilization for 1.3 Progress on IsDB Initiatives Development 51 and Programs 26 2.3 Special Development Services 1.4 Dissecting IsDB Group on Education and Health 57 CHAPTER 3 Performance in 2019 2.4 Leveraging Public-Private ENHANCING INSTITUTIONAL AND by Entities 34 Partnerships 60 DEVELOPMENT EFFECTIVENESS 69 2.5 Supporting Inclusive Social Development and Resilience 63 3.1 Board of Governors 70 2.6 Other Development Activities 65 3.2 Board of Executive Directors 71 3.3 Risk Management 72 3.4 Internal Audit Activities 72 3.5 Credit Ratings 73 3.6 Integrating Knowledge to Enhance Competence 73 3.7 Operations Evaluation 73 3.8 Development Effectiveness 75 3.9 Development Impacts of IsDB Financing 76 3.10 Human Resources Management 76 3.11 Information Technology Services 77 3.12 Administrative and Health Services 77 ANNEXES ANNEXES 1—5B 78 ANNEXES 6A—9B 99 04 IsDB ANNUAL REPORT 2019 05 17 1 ERSHIPS NO POVE PARTN RTY THE 6 CE FOR 2 1 STI LS Z JU G GOA ER E, ON HU O AC TR S NG PE S ION ER ND T A ITU ST G D IN A O N N O 3 5 LA D D 1 W H N E E ABBREVIATIONS O L A ACKNOWLEDGEMENTS E L L IF B T L E H IN G E Q W D O U U 4 L A R C E 4 E L A 1 B T I T T A E I Y F O I W N L 4IR 4th Industrial Revolution E Y N R T T E I O A The 2019 Annual Report of the Islamic Development Bank was prepared by the 10YSF IsDB Group’s 10-Year Strategy Framework I L D T 3 M A N I 5 C 1 L E U A C G Q AAOIFI Accounting and Auditing Organization for Islamic Financial E Institutions in IsDB MCs Economic Research and Institutional Learning Department based on the overall R C A E R AC Audit Committee N O S E N P T D S O A N P U N W R O ACAP Awqaf Capital M S D I O N T guidance of the Board of Executive Directors P IB A N D T A A 1 U L E T 2 IO E L I ACG Arab Coordination Group C C N T N A 6 IO S N S U E ADER Annual Development Effectiveness Review S L C TA AB C IT I D N O I N R A AFAB Alliance to Fight Avoidable Blindness M ES AB O E A L FF CL Y M N E A G UN D ND R ALA Africa and Latin America I K A NE 1 TIE OR E 1 S W ALECSO Arab League Educational Cultural and Scientific Organization R CENT IC 7 EDU DE NOM UNDER THE SUPERVISION OF: IN CED INDUSTRY ECO EQU AND H AMCI Moroccan Agency for International Cooperation ALI INNOVATION AND OWT TIES GR INFR RE Mansur Muhtar, Vice President (Country Programs) APIF Awqaf Properties Investment Fund 10 ASTRUCTU 8 BADEA Arab Bank for Economic Development in Africa 9 and Acting Chief Economist. BAPA +40 Buenos Aires Plan of Action BED Board of Executive Directors of IsDB MAPs Management Action Plans BEmOC Basic Emergency Obstetric Care MASEN Moroccan Agency for Sustainable Energy BPKH Indonesian Hajj Funds Management Agency MCPS Member Country Partnership Strategy WITH INPUT FROM: BMGF Bill & Melinda Gates Foundation MDBs Multilateral Development Banks BoG Board of Governors of IsDB MENA Middle East and North Africa Various departments and entities of the IsDB Group. CAFRL Common Arabic Framework of Reference for Language MENAE Middle East, North Africa and Europe CDB Caribbean Development Bank MII Maritime Investment Initiatives CDD Community Driven Development MoU Memorandum of Understanding REPORT COORDINATOR: Musa Ibrahim Jega CEPAD East Asian Countries for Palestinian Development MSMEs Micro, Small and Medium Enterprises CSO Civil Society Organization NEXI Nippon Export and Investment Insurance CWS Cash Waqf Sukuk NGOs Non-Governmental Organizations DATA TEAM: Abu Camara, Mohamed El-Gousi and Ali Rashed D-8 Organization for Economic Cooperation of Developing Eight ODEC Operations and Development Effectiveness Committee Countries OECD Organisation for Economic Cooperation and Development DFID Department for International Development OFID OPEC Fund for International Development ARABIC AND FRENCH TRANSLATION TEAM: Language Services Division of the General Secretariat EAA Education Above All OIC Organisation of Islamic Cooperation EIB European Investment Bank ONEE Office National de l’Electricité et de l’Eau
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