Minister of Economic Development Fayyaz Ismail has highlighted the importance of ramping up climate investments in Small Island Developing States (SIDS) like the Maldives to transition to renewable energy and creating more fiscal space. He made the statement at the Governor's Roundtable at the 46th Annual Meeting of the Islamic Development Bank Group (IsDBG). He is the head of the Maldives delegation and the Acting Governor of IsDB.
Speaking at the meeting, Minister Fayyaz called on international financial institutions and brotherly nations to provide blue/green guarantees for SID nations like the Maldives to back sovereign issues for securing low-cost borrowing and to facilitate access to global investors in light of ambitious climate and social reform commitments.
At the sidelines of the meeting, Minister Fayyaz met various representatives of member states and financial institutions as the Head of the delegation from the Maldives. As such, the minister met with the CEO of International Islamic Trade Finance Corporation (IITFC) Hani Salem Sonbol and discussed ways for working towards more robust collaboration between the corporation the Government of the Maldives. He also met with IsDB President Dr. Muhammad Al Jasser and said the Maldives is seeking IsDB support in diversifying the economy and appreciates the Member Country Partnerships Strategy initiated by IsDB.
Furthermore, the Maldives delegation met with the CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Oussama Kaissi. During the meeting, Minister Fayyaz thanked the CEO for his support to the Maldives in getting full membership.
IsDB is a Multilateral Development Bank that promotes comprehensive development in its 57 member states and among Muslim communities in non-member countries.