ALGIERS, Algeria, May 22. The Islamic
Development Bank (IsDB) is ready to continue funding key
infrastructure and projects, Chief Economist of the IsDB Group
Areef Suleman said during the panel discussion “From vision to
action: economic diversification as a lever for structural
transformation” within the framework of the IsDB’s Annual Meetings
in Algiers, Trend
reports.
He emphasized that a stable macroeconomic environment is needed
to attract investment.
“Sound fiscal policies, predictable regulations. We’ve heard
about the legal and regulatory environment. Contract is important,
legal is important. Equally important is investment in new capital.
The right levels of skill sets, the right skill sets, the right
diversity of skills,” Suleman noted.
According to him, basic infrastructure, the right level of
electricity, and other basic conditions without which the private
sector won’t be ready to come into a country.
“Strong innovation and industrial policy helps. Access to
finance, not just access, but also the cost of finance needs to be
important. Trade and regional integration. Access to global value
chains. Good quality, high quality infrastructure. Environmental
social responsibility, also equally important areas that the
private sector would look at,” he stressed.
Suleman added that the IsDB is focused on supporting sustainable
development.
“Infrastructure is something that mankind is financing a lot.
It’s a big portion of our portfolio. Investments in health,
education, the energy sector. These are areas that hold the local
skill set, but also put in place the right infrastructure for us to
be able to make an impact and help with the diversification efforts
on development,” he pointed out.
The official noted that the bank is ready to provide that sort
of infrastructure financing that’s needed. Investing in health,
education, agriculture, capacity development, etc.
“We do a lot of this across the globe,” the bank representative
concluded.
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