Islamic bank's Private Sector Forum hosts participants from 83 countries

RIYADH, Saudi Arabia

The 12th Private Sector Forum, organized by the Islamic Development Bank (IsDB) Group in the Saudi capital Riyadh, hosted more than 2,000 participants from 83 countries this year.

The three-day forum which started Sunday, also hosted more than 60 speakers in 17 sessions and 32 exhibitors.

The event witnessed the signing of 53 agreements worth around $6.5 billion.

Oussama Kaissi, the head of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), said at the closing ceremony that the forum has served as a crucial platform for his institution to explore innovative strategies that merge trade, insurance and investment sectors.

"This year's forum has been instrumental in facilitating a valuable exchange of knowledge among leading experts and stakeholders," he added.

Hani Salem Sonbol, acting CEO of The Islamic Corporation for the Development of the Private Sector (ICD) and CEO of the International Islamic Trade Finance Corporation (ITFC) also emphasized the importance of the private sector as a vital driver of economic growth, job creation and poverty alleviation in member countries.

"The ICD has been instrumental in this effort, having disbursed more than $4.5 billion to unlock private sector investment in finance, infrastructure, agriculture, manufacturing, and energy for sustainable development since its inception in 1999," he said.