Islamic Development Bank focuses on food supply, green investments: Turkish FinMin

The Islamic Development Bank (IsDB) Group works to eliminate problems in the food supply and boost green investments, Türkiye's treasury and finance minister has said.

Nureddin Nebati noted at the group's annual meeting in Egypt that almost half of the bank's members are from low-income countries and that the bank is taking steps to meet their needs.

While the coronavirus pandemic disrupted supply chain, food prices have also risen globally for reasons related to the ongoing Russian-Ukrainian war, he said on Friday.

Nebati said the world economy, which was in a slowdown during the pandemic, will accelerate.

Touching on his country's position in the Islamic Development Bank Group, he said the lender is an important institution with an AAA credit rating and that Türkiye is among its strongest members.

Government ministers joined the annual meeting, he noted, adding that productive bilateral talks between countries had taken place there.

The meetings are a chance to spread information on the Turkish economy and learn about the demands and expectations of other countries, he said.

Nebati underlined that Türkiye's presence and weight are felt very clearly in the meeting, thanks to its success, especially in the last two years during the pandemic, which not only Islamic countries but also world countries watched closely.

"While the world contracted in 2020, Türkiye positively differentiated and grew, by 1.8%. It also grew last year, and despite the war (Ukraine), it showed the same success in the first quarter of this year. It seems that this growth will continue," he said.

This success has aroused curiosity, he said and added that the fact that Türkiye is at the forefront of investable countries makes it attractive to other countries.

Another point that has attracted investment to Türkiye is the country's rapid economic environment, said the minister, with the country's laws, regulations, and especially of economy administration under the leadership of its President Recep Tayyip Erdogan seriously affecting investors' decisions.

- Productive bilateral meetings

On the contents of bilateral meetings at the conference, Nebati said some online talks had already begun and that Türkiye had forwarded messages to other countries.

"They have fulfilled our demands and expectations very quickly by taking steps. In particular, they said they would show the same speed in the completion of the remaining work that we had expressed to them in the meetings we held today," he said.

Stating that Türkiye met with delegations from Qatar, the United Arab Emirates, Indonesia, and the chairman of the IsDB, Muhammad al Jasser, Nebati said there would also be meetings with other countries, including Saudi Arabia, and vowed that the Turkish delegation would return to Türkiye with positive results.

Türkiye is one of the largest members of the IsDB and one of the largest recipients, he said.

"Therefore, they also expressed their satisfaction that our relations are mutually good," said Nebati, underlining that all sides understand that ties between Türkiye and IsDB members should be at their highest level.