The head of the Islamic Development Bank, Dr. Muhammad Al Jasser, has said that since the coronavirus pandemic, developing countries have been facing the worst economic situation. If immediate steps are not taken, their growth rate may worsen.

Addressing the opening session of the Bank's 50th anniversary Golden Jubilee meeting in Riyadh, Dr Jasser said there were incredible economic opportunities in less developed countries that are waiting to be tapped.

"The world is in a desperate need for long-term solutions hidden in sustainable infrastructure projects," he remarked.

The annual meeting of the Islamic Development Bank started today in the Saudi capital of Riyadh, and will continue until April 30.

In addition to observers from international and regional organizations, delegations from 57 member countries, including Pakistan, are participating in the annual meeting, which will discuss sustainable development and corporate issues. The meeting will hold discussions on important economic issues, including Islamic banking, and investment in the infrastructure sector.

Along with the main board of directors meeting, there will be other sessions as well in which experts from international and regional organizations, educational institutions and civil society will discuss the problems faced by the member countries.

On the sidelines, Gambia's finance minister met Dr Jasser, and appreciated the institution's initiatives over four decades of cooperation.