Published on: 11 June 2014

Alternative sources of financing, Minister Cani visits Saudi Arabia

On June 8 to 10, at the invitation of the Islamic Development Bank (IDB), the Minister of Finance Shkelqim Cani visited Saudi Arabia.

In the meetings with the operational vice president Mr. Birama Boubacar Sidibe and vice president of corporate services Ahmet Tiktitk, Minister Cani, after presenting the macroeconomic situation and the country's debt problems, was informed about the performance of IDB projects and the strengthening cooperation in order the realization of any project within the defined time in the future.

Mr. Cani was informed with the numerous opportunities offered by the Islamic Development Bank in the meetings with the directors of different areas, such as: agricultural and rural development, investment insurance and export credit, Islamic financial services, public-private infrastructure partnership, investments, scientific research and training, etc.
In a special meeting with the president of the Islamic Development Bank, Dr. Ahmad Mohamed Ali, the Albanian head of Finance, expressed his gratitude for the hospitality and for the contribution of IDB in Albania as one of the key international financial institutions for financing and the disposition of the cooperation.
Minister Cani, after the presentation of the economic situation in the country, hidden problems regarding the debt, agreements and loans from the IMF and the World Bank, suggested that the cooperation between the Islamic Development Bank and the Albanian government can be significantly improved, if the bank opened a representative office in Tirana.
For the minister, it is important that the public and businesses become more acquainted with the opportunities offered by the Bank, by listing the projects of the government program in the areas of infrastructure (roads), water, energy, tourism, agriculture, airports, port etc. It can also  be analyzed in more details the alternative of renovating the Eurobond by the "sukuk" product.
The IDB President, Dr. Ahmad Mohamed Ali appreciated the cooperation between IDB and the Albanian government. "The visit of the Minister of Finance is of great importance to bring this relationship further. Specific structures should start immediately preparing a specialized and dedicated delegation to visit Albania aiming the identification of potential projects. Everything possible that complies with our criteria, will be in your support without reservation, "said Dr.Ali.
At the end of the visit, the two sides agreed to pursue further cooperation in the future, aiming that the Islamic financial market products could be an alternative to solving the problems with mutual benefits.



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