The private sector institutions of the Islamic Development Bank Group (IsDB Group) (https://www.IsDB.org) organized the 11^th edition of the "Private Sector Forum - 2023", held from 11 to 13 May 2023 at the Ritz Carlton Hotel, Jeddah (Saudi Arabia), in the sidelines of the Annual Meetings of the IsDB Board of Governors under the patronage of the Custodian of the Two Holy Mosques, King Salman Bin Abdelaziz Al Saud.

The Private Sector Forum's primary objective is to offer a unique opportunity for the business community across various sectors to connect, network, and explore investment and trade opportunities provided by member countries. Additionally, the forum will showcase IsDB Group activities, projects, services, and initiatives in member countries, highlighting the organization's role in promoting PPP projects and its services to the private sector. This event will serve as an avenue for potential investors interested in investing in Saudi Arabia and a platform to promote the KSA vision 2030.

The event attracted more than 2,000 participants, including government officials, Chairmen, Presidents, and CEOs of local and international companies, multilateral and financial institutions, chambers of commerce and industry, business associations, investment promotion agencies, individual investors, and entrepreneurs. The Forum facilitated parallel B2B and B2G meetings, enabling business communities across member countries to establish valuable connections. The event enclosed exhibitions for partners and a competition for start-ups, and for the first time, notable organizations and personalities has been recognized and awarded by the IsDB Group entities.

On this occasion, H.E. Dr. Muhammad Sulaiman Al Jasser, Chairman of the Islamic Development Bank Group, said: “The 11^th edition of the Islamic Development Bank Group Private Sector Forum, taking place this year in the Kingdom of Saudi Arabia, has achieved its objectives by promoting integration of the public and private sectors, which is an essential pillar of the economic and social development of our member countries. It is the responsibility of the public sector to develop infrastructure and legislation to create an attractive business climate for the private sector to stimulate production and create jobs” H.E. Dr. Muhammad Sulaiman Al Jasser thanked the attendees for their participation in the Forum, which included 15 sessions, more than 70 speakers, 25 exhibitors, and 2,000 participants representing 83 more countries and witnessed the signature of 61 agreements.

In his opening speech, Mr. Osama Al-Qaisi, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit, the insurance arm of the Islamic Development Bank Group, stated that the private sector forum witnessed a distinguished presence from our partners in the public and private sectors, during which nine memoranda of understanding and insurance contracts were signed. A total of 300 million US dollar contract for exports and investments with parties and member states was inked. The Saudi Export-Import Bank, the Arab Contractors Company, and the International Investment Guarantee Agency (MIGA), all of which are members of the World Bank Group, were the most notable. Mr. Osama added that the outcomes of the dialogue sessions brought together representatives of investment promotion agencies of Member Countries, regional and international investment companies and financial and insurance institutions in providing important and innovative financial solutions using modern applications in the fields of insurance and financing with the aim of promoting common goals towards addressing climate change and food security. It is worth noting that the Islamic Corporation for the Insurance of Investments and Export Credit has, since its inception in 1994, insured exports, imports and investments exceeding the amount of 99 billion US dollars for the benefit of beneficiaries in the member states, and the Kingdom tops the list of countries benefiting from the services of the corporation.

H.E. Eng. Hani Salem Sonbol, the Acting CEO of The Islamic Corporation for the Development of the Private Sector (ICD), said “At ICD, sustainability and development are the core focus of our activities. We are trying our best to bring together our partners in the private sector and other financiers to fill the sustainable funding gap. I hope that we were able to present existing co-financing opportunities available for the private sector. Our aim is to present solutions developed to address identified challenges and discuss other possible solutions in sustainable development.

Commenting on the success of the Private Sector Forum, H.E. Eng. Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC) said: "The 11th edition of the Private Sector Forum showcased the potential of the private sector as a vital driver of economic growth, job creation, and poverty alleviation in our member countries. The active participation of esteemed delegates has led to meaningful discussions and collaboration on achieving economic resilience and facilitating growth for businesses. Over the last 15 years, we have approved a cumulative total of US$17.8 billion in support of private sector and SME clients, accounting for 25% of our trade finance portfolio. We remain committed to supporting private sector growth and together, we are empowering businesses and driving economic progress in our member countries."

For more information, please visit the Private Sector Forum website (www.IsDBG-PSF.org).