JEDDAH (Rahnuma): A Saudi economist who is president of the Islamic Development Bank has been selected to chair meetings of the world’s top banking institutions.
Dr. Bandar Hajjar will lead meetings of multilateral development banks from January for a year. His selection coincides with Saudi Arabia’s assumption of the presidency of the G20.
Multilateral development banks provide financial assistance, typically in the form of loans and grants, to developing countries in order to promote economic and social development.
They are the World Bank, the International Monetary Fund, the International Finance Corporation, the African Development Bank, the Asian Development Bank, the European Investment Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Infrastructure Investment Bank, the European Council for Development, the New Development Bank and the Islamic Development Bank.
The group meets three times a year and Hajjar will lead these meetings. The platform provides an informal space for dialogue and an exchange of views among the presidents of the 12 institutions.