IDB Public-Private Partnership Forum held in Riyadh

RIYADH: The first Islamic Development Bank (IDB) Public-Private Partnership Forum got underway on Wednesday at the Al Faisaliah Hotel.

Minister of Finance Mohammed bin Abdullah Al-Jadaan, who is also IDB governor for Saudi Arabia, delivered the keynote address.

Islamic Development Bank (IDB) President Bandar Hajjar said the forum, held under the theme “Challenges, Opportunities, Achievements,” aimed to address the most significant issues and topics related to the partnership between the public and private sectors.

The forum had four sessions, focusing on public-private partnership (PPP) success stories in IDB member countries, how PPP could support Saudi Arabia’s Vision 2030 reform plan, available PPP opportunities, and the challenges and benefits of PPP.

Hajar said that IDB seeks to transform the challenges facing member countries into



promising successful opportunities through PPP.

“It also aims to take the initiative and forecast the future, to be spontaneous in entertaining the member countries’ needs, and lead the development process via economic and financial solutions,” he said.

Hajar said that financial, manpower and knowledge resources available are limited compared to the major development needs of the member states that require diverse resources.

“However, through PPP, the member states will be able to implement IDB’s projects with high quality despite the limited resources available,” he said.

Abdul-Hakim Elwaer, IDB’s official spokesman, said that IDB has 44 projects in 17 member countries with a total value of $80 billion. The contribution of IDB is $3.6 billion in projects being undertaken in connection with the Kingdom’s Vision 2030 plan.