Riyadh, Kingdom of Saudi Arabia, 29 April 2024 – The third day of the Islamic Development Bank Group’s (IsDB) 2024 Annual Meetings was marked by a pivotal dialogue session enriched by the unique perspective of Finance Minister and IsDB Governor for Türkiye, H.E. Dr. Mehmet Şimşek.
A key figure in the discourse, H.E. Minister Şimşek provided a deep dive into Türkiye’s strategic initiatives, offering insightful perspectives on regional development, connectivity, environmental sustainability, and economic resilience.
During the session, Dr. Şimşek shed light on the significant infrastructure project linking Basra to London through Türkiye, underlining its strategic selection of Basra due to geopolitical constraints and its pivotal role in connecting the Middle East to European markets. He painted a hopeful picture: “Good infrastructure is not just a key to development and trade, but also a beacon of hope. By investing in electrified railway infrastructure, we not only reduce our carbon footprint but also enhance our competitiveness.”
The discourse also highlighted Türkiye’s proactive roles in infrastructure development, climate change mitigation, and fostering economic stability. Dr. Şimşek, addressing climate change, acknowledged the undeniable reality of global warming and stressed Türkiye’s commitment to decarbonization efforts and renewable energy investments. “Our aim is clear—to achieve net-zero emissions by 2053. This is not just about environmental sustainability but reducing our economic dependency on imported hydrocarbons and leading the way in global climate change mitigation,” he stated.
Furthermore, Dr. Şimşek addressed the impact of global economic challenges on Türkiye, remarking on the minimal impact they have had on Türkiye’s economy. He attributed this to the country’s diversified economic structure and robust resilience programs. Furthermore, he lauded the IsDB’s role over the past 50 years in facilitating development across member states and expressing hope for continued collaboration. “We have faced more than enough challenges. Our hope is that we move forward and address some of these big issues and minimize them in the region because I believe countries rise together, and they fall together, and we would like to rise together.”
Dr. Şimşek’s insights at the IsDB meetings reflect a pragmatic yet optimistic approach to Türkiye’s path forward amid global economic challenges, highlighting a commitment to infrastructure, renewable energy, and regional collaboration to foster enduring stability and prosperity despite global challenges and geopolitical complexities.
This dialogue is part of IsDB’s commitment to fostering socio-economic development across its member countries, as it marks 50 years of transformative impact and partnership.
About Islamic Development Bank (IsDB) Group
Rated AAA by the major rating agencies of the world, the Islamic Development Bank is the pioneering multilateral development bank of the Global South that has been working for 50 years to improve the lives of the communities it serves by delivering impact at scale. Guided by the principles of Islamic finance, the Bank brings together 57 Member Countries across four continents, touching the lives of nearly 1 in 5 of the world population. Its mission is to equip people to drive their own economic and social progress at scale, putting the infrastructure in place enabling them to fulfil their potential. Headquartered in Jeddah, Kingdom of Saudi Arabia, IsDB has regional hubs and centers of excellence in 11 of its Member Countries. Over the years, the Bank has evolved from a single entity into a group comprising five entities: Islamic Development Bank (IsDB), the Islamic Development Bank Institute (IsDBI) tasked with research and training, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC).
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