Algeria Mobilises the IsDB to Strengthen the Palestinian Resilience
President Abdelmadjid Tebboune supports the efforts of the Islamic Development Bank Group (IsDB) to serve development and shared prosperity and promote cooperation and integration among the countries of the Islamic world, the Prime Minister Nadir Larbaoui said.
He emphasised that Algeria’s hosting of the ISDB group’s annual meetings for the third time confirms its strong belief in the importance of Islamic cooperation and solidarity for integrated economic growth.
PM Larbaoui explained that Algeria was among the first countries to embrace the idea of establishing a development bank that would support development and contribute to fostering cooperation among the peoples of the Islamic nation.
He noted the achievements of this group, particularly the new ten-year strategic framework of the Islamic Development Bank, which will instil a growing sense of collective confidence in the group’s contributions to building an integrated Islamic world that directs its efforts and capabilities toward the prosperity and advancement of its peoples. Larbaoui’s remarks came during his oversight, on Tuesday evening, at the behest of President Tebboune, of the opening of the annual meetings of the Islamic Development Bank, hosted by Algiers at the Abdellatif Rahal International Conference Centre.
He asserted that the international context in which the meetings are being held is marked by exceptional circumstances and profound and accelerating international and regional geopolitical changes, accompanied by unprecedented trade tensions, which makes the joint development work within a multilateral framework, particularly South-South, more urgent “to remove obstacles, contribute to the development and prosperity of our Islamic peoples, and provide their economies with the necessary capabilities to adapt to the profound transformations taking place in the international economic and political system.”
In this context, the Prime Minister emphasized that multilateral financial institutions, particularly the Islamic Development Bank Group, are called upon more than ever to make greater efforts to support their capabilities, deploy more human and technical resources, and mobilize financial resources to implement continental projects, particularly development projects related to infrastructure and industrial transformation, given their relevance to ensuring security and achieving the conditions for sustainable development.
In the same context, he stressed the need to intensify efforts to adopt adaptive and innovative financing tools that respond to emerging needs and meet the growing demand for financing, particularly in areas related to innovation, artificial intelligence, and scientific research, “this will enhance the national capacities of member states in these promising fields and provide the appropriate conditions for the transfer and localization of technology and support the desired industrial and digital transformation”.
Larbaoi highlighted the pillars of the comprehensive national reform project led and embodied by President Tebboune, which aims to diversify the national economy and free it from dependence on hydrocarbons through promoting investment, developing exports, strengthening infrastructure, and redoubling efforts in the areas of training, healthcare, and social care.
In the same context, Larbaoui reviewed the new legal and institutional framework for investment promotion, which enshrines the principle of investment freedom, guarantees legal stability and transparency, provides equal treatment to all local and foreign investors and reviews the monetary and banking law to ensure its adaptation to the latest developments in this sector and establish the foundations for an effective, transparent, and open banking system. He also highlighted the establishment of an integrated national innovation ecosystem, including training, support, and financing to encourage entrepreneurship and support start-ups.
The Prime Minister also explained that these profound and comprehensive reforms approved by the President of the Republic have achieved significant economic and social results, coupled with support for employment, wage increases, and the modernisation of the university education system. He noted that these reforms have consolidated the principle of the social character of the state, adding that these gains will be further strengthened by implementing the massive investment program to leverage mineral resources and achieve comprehensive industrial and energy transformation.
He recalled President Tebboune’s decision to establish an agency for international cooperation for solidarity and development. This agency will support development efforts in sister countries, particularly those in the southern neighbourhood, by strengthening their national capacities and developing their infrastructure.
In his speech, the Prime Minister also referred to the war of extermination that the brotherly Palestinian people have been subjected to for more than a year and a half, and to the deliberate destruction of infrastructure and public facilities by the sioniste entity’s occupation, amidst the horrific silence of the international community, which remains unable to put an end to this destrucive machine.
He called for the necessity of embodying the slogan of solidarity and cooperation upon which the Islamic Development Bank Group was founded, by strengthening development support for the brotherly Palestinian people, by employing the Group’s mechanisms to help them continue their steadfastness and focusing, in particular, on vital priority sectors, such as health, education and food.
