At the Annual Meetings of the Islamic Development Bank (IsDB) Group, Multilateral Cooperation Center for Development Finance (MCDF) Chief Executive Officer Mr. Zhongjing Wang stressed that private financing is key to bridging the infrastructure financing gap in achieving United Nations Sustainable Development Goals (SDGs). “Despite a good post-pandemic rebound, current levels of private sector investments in infrastructure are insufficient to help realize the targets of SDGs,” said Wang.

Mr. Zhongjing Wang speaking during the panel session

During the seminar entitled Sustainable Development Disrupted: Advancing Impactful Partnerships to Rescue the SDGs which took place on 11 May 2023, Wang identified two key reasons behind this shortfall. One is the insufficiently developed regulatory frameworks that increase risks for the private sector and make investments in infrastructure unattractive. The second is the short supply of bankable projects because without bankable project proposals, the private sector will not be interested in investing in infrastructure.

“MCDF is playing its part in addressing these two challenges, in cooperation with 12 leading IFIs, by providing technical assistance and training programs that can help government make improvements. For example, MCDF is working with the African Development Bank (AfDB) to enhance connectivity of trade information portals to customs systems that make market access for private sector and promote trade between East Africa Community and Asia. ” Wang continued.

Wang thanked the IsDB for its growing engagement with MCDF and stressed the importance of further strengthening partnerships between the two institutions to promote high quality cross-border infrastructure projects.

The seminar was facilitated by the IsDB’s Special Envoy on SDGs Dr. Rami Ahmad and featured opening remarks by Chairman of IsDB Group Dr. Muhammad Al Jasser and a keynote by President of the African Development Bank Dr. Akinwumi Adesina. A panel session followed together with Egypt’s Minister of Planning and Economic Development, Dr. Hala El Said, Senegal’s Minister of Economy, Planning and Cooperation, Ms. Oulimata Sarr, International Monetary Fund (IMF) Executive Director and United Nations (UN) Special Envoy on Financing the 2030 Agenda Dr. Mahmoud Mohieldin, United Nations Development Programme (UNDP) Assistant Administrator and Regional Director for Africa, Ms. Ahunna Eziakonwa and MCDF CEO, Mr. Zhongjing Wang.

The Annual Meeting of the Islamic Development Bank Group took place from 10 – 13 May 2023 in Jeddah, Saudi Arabia. The meetings brought together delegations from the Group's 57 member countries in addition to observers from international and regional organizations to discuss development issues and institutional matters.