Dr. Al Jasser Addresses the World Government Summit in Dubai, Outlines IsDB Role in Facing Challenges Ahead

IsDB President H.E. Dr. Muhammad Al Jasser addressed in Dubai, UAE, the 8th Edition of the World Government Summit at the invitation of His Highness Sheikh Mohammed bin Rashid Al Maktoum Vice President, Prime Minister, and Ruler of Dubai.

Dr. Al Jasser affirmed that the Islamic Development Bank (IsDB) has a strong commitment to serving its 57 member countries, spanning Africa, Asia, Europe, and Latin America.

“We are involved in supporting the socio-economic development of our Member Countries and improving the quality of the lives of 1.8 billion people around the world (or 1 out of 5 of the world population). All of our Member Countries are developing countries, while about 21 of the 57 Member Countries are classified as least developed countries” he said.

Dr. Al Jasser touched on the world’s accelerating technological evolution and the 4th Industrial Revolution (4IR) which is reshaping the world and the digital technologies and new digital tools which have opened new vistas for economic and social advancement. “Because of its exponential contributions to productivity and efficiency, the world has experienced an accelerating transition towards a digital economy, in which ICTs play an increasing role in the production, consumption, and exchange of goods and services. This has surely broadened the spectrum of opportunities and potential for human advancement by fostering ever-higher productivity and innovation” Dr. Al Jasser asserted.

He stated that amid the challenges brought by the ongoing global pandemic, our role as a Development Bank has become more crucial than ever. While physical traffic in transportation and trade was stalled in various parts of the world, ways and means of people’s living never stopped.

Dr. Al Jasser who also addressed the existing digital divide which constitutes a high risk to economic convergence and economic stability affirmed that it is a top priority for the IsDB to invest more in supporting its member countries’ efforts in reducing and bridging the global digital divide among rich and developing countries and within IsDB member countries.

“It was through the digital transformation that many people sustained their social and professional lives in the middle of stringent lockdowns. Digital transformation, however, was already underway even before the pandemic and prior to lockdowns that forced people to work remotely” he added.

He also stressed that IsDB is ready to work with governments, MDBs, other international institutions, and development partners on initiatives related to the digital economy and ensure reliable internet services by providing the needed infrastructure for its member countries.

“IsDB will also continue to support cross-border regulatory harmonization, which is vital to make full use of opportunities such as e-commerce and deal with potential cybersecurity problems” he concluded.