The forum was convened on the sidelines of the IsDB Group’s 2026 Annual Meetings, under the high patronage of His Excellency Ilham Aliyev, President of the Republic of Azerbaijan.

The forum highlighted IsDB Group’s activities and initiatives aimed at empowering both public and private sectors in member countries, particularly in the Republic of Azerbaijan.

The discussions focused on prevailing opportunities and challenges facing the business sector and highlighted the Group’s suite of financing instruments, including lines of financing, private sector financing, trade development support, investment insurance, and export credit facilities, among others.

The forum agenda featured a series of dialogue sessions addressing key economic themes and development projects. Participants also attended presentations on trade and investment opportunities. In addition, bilateral meetings between public and private sector institutions (B2B and B2G) facilitated networking, strategic partnerships, experience sharing, and the promotion of successful ventures.

In addition to the dialogue sessions, the forum hosted the Halal Economy Leadership Forum, which brought together policymakers, industry leaders, and experts to discuss emerging opportunities and challenges within the global halal economy. The event also featured the IsDB Group Startups Competition, providing an important platform for innovative entrepreneurs from member countries to showcase their solutions before investors, development institutions, and business leaders. The winners of the competition and the Private Sector Forum Awards were recognized during a dedicated awards ceremony honoring outstanding achievements in entrepreneurship, innovation, investment, trade, and private sector development.

The forum attracted high-level participation from Azerbaijan government officials, presidents and CEOs of local, regional, and international private sector companies, investors, businessmen, chambers of commerce and industry, trade and investment promotion bodies, and regional and international financial and development institutions.

In his speech, H.E. Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan and Chairman of the Board of Governors of the Islamic Development Bank (IsDB), stated: “Azerbaijan highly values its partnership with the Islamic Development Bank Group and remains committed to deepening trade, business, and investment cooperation with member countries. Leveraging its strategic location at the crossroads of Europe and Asia, modern transport infrastructure, and ongoing economic diversification efforts, Azerbaijan serves as an important platform for regional connectivity and sustainable growth. By combining the country’s investment potential with the IsDB Group’s financial capabilities, global expertise, and extensive network, we can unlock new opportunities for impactful projects that advance economic development and deliver long-term benefits across the region.”

In his opening remarks, His Excellency Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank Group, welcomed all participants to the forum. He stated: “At the Islamic Development Bank Group, we firmly believe that the private sector is not a supporting actor in development — it is the lead actor. Our role is clear: to remove obstacles, reduce risks, and open doors. We will continue to stand as a committed partner—mobilizing finance, mitigating risk, and enabling trade and investment that drive inclusive, resilient, and sustainable growth”

During the CEO’s session, Dr. Khalid Yousif Khalafalla, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), stated: “The Private Sector Forum witnessed a distinguished cohort of partners from both public and private sectors. Sustainability and development constitute the core focus of our mission, as we strive to unify the efforts of our private sector partners and other financing agencies to bridge the sustainable financing gap, provide co-financing opportunities, and develop innovative solutions to address the challenges of sustainable development. In this context, from the ICD side, we are proud of our role in private sector development by providing effective financing solutions to financial institutions and large corporations, as well as facilitating access to suitable financing for small and medium enterprises. We also continue to finance infrastructure projects that enhance development impact, encourage cross-border investment, support member countries’ exports, and create new job opportunities. In fact, ICD has achieved approximately $7.1 billion in cumulative approvals. Last year, the total financing directed towards SMEs reached USD 661.9 million. ICD supported institutions collectively employed 178,988 staff members.”

He added, “Since its inception and up to the end of 2025, ICIEC has provided cumulative insurance cover exceeding USD 139 billion, including USD 108 billion in support of trade flows and more than USD 31 billion to facilitate foreign investment across its Member States. Of this, intra-OIC trade and investment accounted for more than USD 66 billion, reflecting ICIEC’s role in strengthening economic cooperation among Member Countries. In 2025 alone, ICIEC enabled USD 1.9 billion in Islamic trade and investment finance, supported more than 294,000 jobs, and reached around 6,000 SMEs. Through its Shariah-compliant credit and political risk insurance solutions, ICIEC continues to mobilize capital, reduce risk, and support sustainable development across strategic sectors.”

On his part, Eng. Adeeb Yousuf Al-Aama, CEO of the International Islamic Trade Finance Corporation (ITFC), stated: “The 14^th edition of the Private Sector Forum reaffirmed the vital role of the private sector in fostering economic growth, generating employment, and reducing poverty in member countries. The active participation of the business community greatly enriched discussions and strengthened collaborative efforts to promote economic resilience and business dynamism.”

He added: “Since its inception in 2008, ITFC has extended over US$96 billion in trade financing to OIC member countries, becoming the leading provider of trade solutions in the region. Of this, US$20 billion was allocated to support the private sector and SMEs – combining financial support, technical assistance, and capacity building efforts to help these enterprises access regional and international markets. In 2025 alone, ITFC approved US$9.3 billion in trade finance and disbursed US$7.5 billion across its member countries. Through its operations, the Corporation supported more than 120,000 jobs, provided access to finance for 546 corporates and SMEs, and facilitated US$7.8 billion in intra-OIC trade. These achievements reflect ITFC’s continued commitment to strengthening private sector competitiveness, enhancing trade connectivity, and fostering sustainable economic growth across OIC member countries.”

For more information, please visit the event website (www.isdbg-psf.org).

Organize 14^th Private Sector Forum in Baku, Azerbaijan (16-19 June 2026)

Baku, Azerbaijan, 17 June 2026 – The Islamic Development Bank (IsDB) Group’s affiliated institutions organized the 14^th Private Sector Forum (PSF) from June 16 to 19, 2026, at Baku Convention Center in Baku, the capital city of the Republic of Azerbaijan.

The forum was convened on the sidelines of the IsDB Group’s 2026 Annual Meetings, under the high patronage of His Excellency Ilham Aliyev, President of the Republic of Azerbaijan.

The forum highlighted IsDB Group’s activities and initiatives aimed at empowering both public and private sectors in member countries, particularly in the Republic of Azerbaijan.

The discussions focused on prevailing opportunities and challenges facing the business sector and highlighted the Group’s suite of financing instruments, including lines of financing, private sector financing, trade development support, investment insurance, and export credit facilities, among others.

The forum agenda featured a series of dialogue sessions addressing key economic themes and development projects. Participants also attended presentations on trade and investment opportunities. In addition, bilateral meetings between public and private sector institutions (B2B and B2G) facilitated networking, strategic partnerships, experience sharing, and the promotion of success ventures.

In addition to the dialogue sessions, the forum hosted the Halal Economy Leadership Forum, which brought together policymakers, industry leaders, and experts to discuss emerging opportunities and challenges within the global halal economy. The event also featured the IsDB Group Startups Competition, providing an important platform for innovative entrepreneurs from member countries to showcase their solutions before investors, development institutions, and business leaders. The winners of the competition and the Private Sector Forum Awards were recognized during a dedicated awards ceremony honoring outstanding achievements in entrepreneurship, innovation, investment, trade, and private sector development.

The forum attracted high-level participation from Azerbaijan government officials, presidents and CEOs of local, regional, and international private sector companies, investors, businessmen, chambers of commerce and industry, trade and investment promotion bodies, and regional and international financial and development institutions.

In his speech, H.E. Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan and Chairman of the Board of Governors of the Islamic Development Bank (IsDB), stated: “Azerbaijan highly values its partnership with the Islamic Development Bank Group and remains committed to deepening trade, business, and investment cooperation with member countries. Leveraging its strategic location at the crossroads of Europe  and Asia, modern transport infrastructure, and ongoing economic diversification efforts, Azerbaijan serves as an important platform for regional connectivity and sustainable growth. By combining the country’s investment potential with the IsDB Group’s financial capabilities, global expertise, and extensive network, we can unlock new opportunities for impactful projects that advance economic development and deliver long-term benefits across the region.”

In his opening remarks, His Excellency Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank Group, welcomed all participants to the forum. He stated: “At the Islamic Development Bank Group, we firmly believe that the private sector is not a supporting actor in development — it is the lead actor. Our role is clear: to remove obstacles, reduce risks, and open doors. We will continue to stand as a committed partner—mobilizing finance, mitigating risk, and enabling trade and investment that drive inclusive, resilient, and sustainable growth”

During the CEOs session, Dr. Khalid Yousif Khalafalla, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), stated: “The Private Sector Forum witnessed a distinguished cohort of partners from both public and private sectors. Sustainability and development constitute the core focus of our mission, as we strive to unify the efforts of our private sector partners and other financing agencies to bridge the sustainable financing gap, provide co-financing opportunities, and develop innovative solutions to address the challenges of sustainable development. In this context, from ICD side, we are proud of our role in private sector development by providing effective financing solutions to financial institutions and large corporations, as well as facilitating access to suitable financing for small and medium enterprises. We also continue to finance infrastructure projects that enhance development impact, encourage cross-border investment, support member countries’ exports, and create new job opportunities. In fact, ICD has achieved approximately $7.1 billion in cumulative approvals. Last year, the total financing directed towards SMEs reached USD 661.9 million. ICD supported institutions collectively employed 178,988 staff members.”

He added, “Since its inception and up to the end of 2025, ICIEC has provided cumulative insurance cover exceeding USD 139 billion, including USD 108 billion in support of trade flows and more than USD 31 billion to facilitate foreign investment across its Member States. Of this, intra-OIC trade and investment accounted for more than USD 66 billion, reflecting ICIEC’s role in strengthening economic cooperation among Member Countries. In 2025 alone, ICIEC enabled USD 1.9 billion in Islamic trade and investment finance, supported more than 294,000 jobs, and reached around 6,000 SMEs. Through its Shariah-compliant credit and political risk insurance solutions, ICIEC continues to mobilize capital, reduce risk, and support sustainable development across strategic sectors.”

On his part, Eng. Adeeb Yousuf Al-Aama, CEO of the International Islamic Trade Finance Corporation (ITFC), stated: “The 14^th edition of the Private Sector Forum reaffirmed the vital role of the private sector in fostering economic growth, generating employment, and reducing poverty in member countries. The active participation of the business community greatly enriched discussions and strengthened collaborative efforts to promote economic resilience and business dynamism.

He added: “Since its inception in 2008, ITFC has extended over US$96 billion in trade financing to OIC member countries, becoming the leading provider of trade solutions in the region. Of this, US$20 billion was allocated to support private sector and SMEs – combining financial support, technical assistance, and capacity building efforts to help these enterprises access regional and international markets. In 2025 alone, ITFC approved US$9.3 billion in trade finance and disbursed US$7.5 billion across its member countries. Through its operations, the Corporation supported more than 120,000 jobs, provided access to finance for 546 corporates and SMEs, and facilitated US$7.8 billion in intra-OIC trade. These achievements reflect ITFC’s continued commitment to strengthening private sector competitiveness, enhancing trade connectivity, and fostering sustainable economic growth across OIC member countries.”

For more information, please visit the event website (www.isdbg-psf.org).

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The Forum brought together distinguished policymakers, regulators, development practitioners, and industry leaders to explore how Islamic finance can foster sustainable prosperity and address development challenges across Member Countries.

Aligned with the broader Annual Meetings theme, “Regional Integration for Sustainable Prosperity,” the Forum examined how countries and institutions can leverage Islamic finance to deepen regional integration, enhance economic resilience, and promote inclusive growth across IsDB Member Countries.

In his keynote speech, Mr. Taleh Kazimov, Governor of the Central Bank of the Republic of Azerbaijan, reaffirmed Azerbaijan’s commitment to contributing to the future development of the Islamic finance ecosystem, highlighting the country’s role as a reformer and a bridge between regions and markets. He emphasized the importance of a clear strategic vision in shaping future growth and cooperation.

Eng. Adeeb Yousuf Al Aama, Chief Executive Officer of ITFC, in a keynote speech on behalf of the IsDB Group, emphasized that Islamic finance should not be viewed merely as an alternative set of financial contracts or a niche segment of the global financial industry, but rather as a values-driven development paradigm that reconnects finance with the real economy, productive activity, shared prosperity, and social well-being.

In his opening remarks, Dr. Sami Al-Suwailem, Acting Director General of IsDB Institute, highlighted the significant contribution of the IsDB Group to the development of the global Islamic finance industry, now valued at approximately US$ 4-5 trillion. He underscored the importance of innovation in maintaining the leadership of the IsDB Group and ensuring the industry remains relevant and continues to contribute to sustainable development.

Key highlights of the forum included:

• The launch of a new report titled “Islamic Finance in Azerbaijan: Breaking New Ground,” jointly produced by IsDBI and ITFC, along with other flagship publications.
• Announcement of a memorandum of understanding between IsDBI and the Labuan Financial Services Authority to explore the Awqaf Free Zones flagship project.
• Two high-level panel discussions focusing on Islamic finance and development.
• Recognition of top performers in the Applied AI in Islamic Finance Competency Challenge.

The first panel session explored how Islamic finance can help countries overcome structural development challenges and achieve sustainable economic transformation. Speakers included Mr. Shahin Aydin Mahmudzade, Executive Director, Central Bank of Azerbaijan; Mr. Adnan Zaylani, Deputy Governor, Bank Negara Malaysia; Ms. Mihoko Kumamoto, Director, Division for Prosperity, UNITAR; Dr. Bambang Brodjonegoro, Dean, Asian Development Bank Institute; and Dr. Areef Suleman, Chief Economist, IsDB Group. The session was moderated by Mr. Mustafa Adil, Head of Islamic Finance, London Stock Exchange Group.

The second panel session examined practical approaches to mobilizing sustainable finance in support of food and energy security, drawing on insights from Member Countries and partner institutions. Speakers included Mr. Valeh Alasgarov, Chairman of the Board, AFEZ Authority, Azerbaijan; Dr. Mansur Muhtar, Chairman of the Board, Bank of Industry, Nigeria; Professor Emeritus Dato’ Dr. Azmi Omar, President & CEO, INCEIF University; and Mr. Orkhan Vidadi oglu Mammadov, Chairman, Small and Medium Business Development Agency of Azerbaijan (KOBİA). The session was moderated by Mr. Yahya Rehman, Associate Manager, IsDBI.

Winners of the Applied AI in Islamic Finance Competency Challenge were also recognized, as follows: Mr. Emin Jaafar (AlifPay) received first place, followed by Mr. Khalil Ben Mohamed (Ayech) in second place, and Mr. Elchin Huseyn (Mink Platform) in third place.

The Forum identified key priority areas for future collaboration, including scaling innovative Islamic finance instruments, strengthening institutional partnerships, and enhancing capacity development initiatives. It also reinforced the role of the IsDB Institute as a key partner in advancing practical, innovative solutions that support sustainable development and regional integration within the framework of Islamic finance. A video recording of the Forum is available here: https://www.youtube.com/live/nGTPhP7y3lw

The post Exploring Islamic Finance Solutions for Sustainable Prosperity appeared first on NRI News.

Marking its 20th edition, the forum serves as a flagship platform for high-level dialogue, convening policymakers, regulators, development practitioners, academics, and industry leaders to advance innovation and development in Islamic finance. This year’s forum will focus on strengthening regional integration and unlocking sustainable growth across IsDB member countries through Islamic finance solutions.

The forum will examine how Islamic finance can help address structural development challenges, including “development traps” that constrain inclusive growth and resilience. It will also highlight innovative Islamic social finance mechanisms, particularly Awqaf Free Zones, as tools for mobilizing sustainable resources to support food and energy security.

Key highlights of the forum include keynote speeches, launch of a new report on the prospects of Islamic Finance in Azerbaijan alongside other flagship publications, announcement of a memorandum of understanding between IsDBI and Labuan Financial Services Authority, distinguished panel discussion sessions, and unveiling of top achievers in the Applied AI in Islamic Finance Competency Challenge.

H.E. Taleh Kazimov, Governor of the Central Bank of the Republic of Azerbaijan, will deliver the first keynote speech, followed by Eng. Adeeb Yousuf Al Aama, Chief Executive Officer of ITFC, whose speech will be on behalf of the IsDB Group. Dr. Sami Al-Suwailem, Acting Director General of IsDBI, will deliver the welcome remarks.

The first panel session will explore how Islamic finance can help countries overcome development barriers and achieve sustainable economic transformation. The panelists include Mr. Shahin Aydin Mahmudzade, Executive Director, Central Bank of Azerbaijan; Mr. Adnan Zaylani, Deputy Governor, Bank Negara Malaysia; Ms. Mihoko Kumamoto, Director, Division for Prosperity, UNITAR; Dr. Bambang Brodjonegoro, Dean, Asian Development Bank Institute; and Dr. Areef Suleman, Chief Economist, IsDB Group. The session will be moderated by Mr. Mustafa Adil, Head of Islamic Finance, London Stock Exchange Group.

The second panel session will examine innovative approaches to mobilizing Islamic social finance, particularly through Awqaf Free Zones, to address global food and energy challenges. The speakers include Mr. Valeh Alasgarov, Chairman of the Board, AFEZ Authority, Azerbaijan; Dr. Mansur Muhtar, Chairman of the Board, Bank of Industry, Nigeria; Professor Emeritus Dato’ Dr. Azmi Omar, President & CEO, INCEIF University; and Mr. Orkhan Vidadi oglu Mammadov, Chairman, Small and Medium Business Development Agency of Azerbaijan (KOBİA). The session will be moderated by Mr. Yahya Rehman, Associate Manager, IsDBI.

The forum is expected to generate actionable recommendations, strengthen partnerships, promote stakeholder collaboration, and advance innovative, AI-enabled tools to support the growth of Islamic finance globally.

More information about the forum is available on the IsDBI website here.

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Held on the sidelines of the IsDB Group Annual Meetings, the Forum is organized in close collaboration with the Ministry of Economy of the Republic of Azerbaijan and the Export and Investment Promotion Agency of the Republic of Azerbaijan (AZPROMO) under the high patronage of His Excellency Mr. Ilham Aliyev, President of the Republic of Azerbaijan.

Under the theme “Regional Integration for Sustainable Prosperity”, PSF 2026 aims to reinforce the pivotal role of the private sector in fostering sustainable economic growth, enhancing trade and investment flows, and unlocking opportunities for strategic partnerships across IsDB member countries. At a time when enhancing regional value chains and economic resilience has become increasingly important, the Forum will serve as a strategic platform for key stakeholders to explore new business opportunities, exchange knowledge, and foster deeper economic integration among member countries.

PSF 2026 will spotlight emerging opportunities in key sectors such as infrastructure, energy, technology, healthcare, and finance, while promoting cross-border investment and trade.   Through high-level dialogues, B2B and B2G meetings, startup engagement, and knowledge-sharing sessions, the Forum aims to strengthen public-private collaboration, support entrepreneurship and SMEs, and promote innovation-driven growth across member economies.

The event is expected to attract over 1,500 participants, including high-level government officials, Presidents and CEOs of leading local and international companies, multilateral development institutions, chambers of commerce and industry, business associations, investment promotion agencies, investors, entrepreneurs, and financial institutions.

In addition to panel discussions and keynote speeches, PSF 2026 will feature a dedicated exhibition platform where partners can showcase projects, services, and investment opportunities. The Forum will also host a startup competition designed to foster innovation and highlight promising business ideas. Furthermore, for the fourth time, the event will present the IsDB Group Recognition Awards, honoring distinguished organizations and individuals for their contributions to economic development and trade facilitation.

The forum will welcome prominent speakers, including the Chief Executive Officers of the IsDB Group Affiliates, notably Dr. Khalid Khalafalla, CEO of ICIEC and Acting CEO of ICD, and Eng. Adeeb Yousuf Al Aama, CEO of ITFC. Together with industry leaders and experts, they will share insights and best practices aimed at strengthening investment and trade cooperation among IsDB member countries.

For further details, please visit the event’s official website: www.isdbg-psf.org

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The Forum, meeting after a gap of seven years, underlined key areas for enhanced bilateral cooperation, including green energy, electric mobility, space technology, artificial intelligence, semiconductors, digital technology, data centers, healthcare, and electronics.

In his address, Mr. Kalyani emphasized the strategic importance of the India-Japan partnership, describing it as a resilient and vital force for global economic security and sustainable growth, particularly against the backdrop of ongoing trade uncertainties. Mr. Kalyani highlighted several medium-term focus areas to further strengthen the partnership.

He stressed the need to build greater resilience in global value chains by leveraging India and Japan’s complementary strengths, while also welcoming increased Japanese investments in India across banking, financial services, and the establishment of global capability centers. He underlined the importance of co-creating and co-developing solutions for Society 5.0, the vision of a technology-driven, human-centered society. He also called for the creation of joint standard-setting bodies to drive mutual recognition agreements across sectors, and emphasized the significance of skill mobility and human exchange, noting India’s demographic advantage in providing a young and skilled workforce to support Japan’s evolving needs.

Mr. Kalyani and Mr. Tsutsui-san, Chairman of Keidanren, collectively submitted the Joint Forum Report to the Prime Ministers. The report outlines recommendations and opportunities to take the India-Japan partnership to the next level.

The Joint Statement outlined a series of forward-looking initiatives designed to enhance strategic autonomy, strengthen cooperation, and diversify bilateral economic ties for sustainable growth. These include:

• Revising the Comprehensive Economic Partnership Agreement (CEPA),
• Amending the tax treaty, and supporting India’s potential accession to the CPTPP;
• Launching an India-Japan Private-Sector Dialogue on Economic Security;
• Advancing decarbonisation through clean energy technologies and the Joint Crediting Mechanism.  
• Strengthen cooperation across semiconductors, smart manufacturing, and AI
• Promoting SME and startup collaborations
• Expanding partnerships in third-country markets like Africa, and promoting greater talent and cultural exchange.
• Both sides also discussed bilateral cooperation in the space sector as well as potential for collaboration in film, animation, gaming, and extended reality (XR).

The occasion reaffirmed that the India-Japan economic partnership is entering a new era of innovation and shared prosperity, creating a win-win model for both nations and the global economy.

The post Bharat Forge’s CMD Baba Kalyani Co-Chairs the 12th India-Japan Business Leaders Forum appeared first on NRI News.

PUNE: FICCI FLO Pune, in collaboration with Ayugen Biosciences and Roche Diagnostics, organized Shield Her Future – Cervical Forum 2025, a dedicated awareness program focusing on cervical cancer prevention, diagnosis, and early screening.

The event featured esteemed medical professionals and public health leaders, with Dr. Gauravi Mishra, Deputy Director of the Center for Cancer Epidemiology at Tata Memorial Centre, Mumbai, as the Guest of Honour.  Anita Agarwal, Chairperson, FICCI FLO Pune, and Manish Punglia, Director, AyuGen Biosciences, along with other dignitaries, were present on the occasion. 

The second half of the program featured a powerful panel discussion moderated by Dr. Sandeep Sewlikar, Head of Medical Affairs, Roche Diagnostics. Panelists included Dr. Harshad Parasnis, Gynecological Oncologist, Dr. Milind Dugad, Past Vice President, POGS, Dr. Aarti Nimkar, Past President, POGS, and Manish Punglia, Molecular Genomics Expert

Dr. Mishra emphasized the urgency of the issue, stating, “We know the exact cause of cervical cancer and how to diagnose and prevent it. Yet India bears one-fifth of the global burden, with over 1.3 lakh women diagnosed annually—many at advanced stages. This is a cancer that is both preventable and curable if detected early.”

She highlighted that persistent infection with high-risk oncogenic HPV is the only cause. The symptoms that may arise at a later stage include bleeding between two periods and that too frequently, bleeding after sexual intercourse, post menopausal bleeding or spotting, foul-smelling vaginal discharge, etc. Dr. Mishra also advocated for routine screening beginning at age 30, noting that pre-cancerous stages can be identified and treated effectively. 

Dr. Aarti Nimkar stressed the importance of shifting perceptions: “We must overcome the myth that cervical cancer cannot be treated. With timely screening and treatment, cervical cancer can be treated .”

Dr. Meenu Agarwal emphasized the need for regular checkups.

Elaborating on symptoms in later stages, Dr. Milind Dugad said that when HPV is persistent, it may not give any signs; therefore, it is important to do screening, especially after the age of 30 years, even if they have taken vaccines. 

Talking about the guidelines, Dr.Harshad Parasnis said that screening methods are available, such as a Pap test, where we pick up the changes in the cells, whether mild, moderate, or severe.  The other test is where we pick up the virus, and that is known as the HPV test. 

Manish Punglia, Director AyuGen, echoed these sentiments: “In an age of medical and technological advancement, it is unacceptable that cervical cancer still claims so many lives. This forum is not just about creating awareness, but about driving the message that cervical cancer is preventable.” 

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With India’s economy accelerating at an average growth rate of 7.2% over the past three fiscal years, and industries swiftly embracing disruptive technologies such as AI, IoT, robotics, and fintech, the forging sector stands at the threshold of a significant transformation. The GenNext Entrepreneurs Forum is AIFI’s proactive response to this new industrial paradigm, recognising the enthusiasm, adaptability, and global outlook of the next generation in family-owned forging businesses.

Speaking on this transformative initiative, Yash Munot, President, Association of Indian Forging Industry (AIFI), said, “The GenNext Entrepreneurs Forum is not just a platform, it’s a movement to shape the future of the Indian forging industry. Our vision is to position Indian forging as a global benchmark for innovation, quality, and sustainability. Through this forum, we aim to harness the creativity, energy, and ambition of the next generation of entrepreneurs. We are committed to offering them strategic insights, access to industry’s best practices, leadership training through academia-industry partnerships, and global exposure. This initiative will play a critical role in addressing succession challenges, updating traditional business models, and building a collaborative ecosystem that ensures the industry’s sustained growth and global competitiveness. Our mission remains focused on promoting excellence in technology, operations, and leadership anchored firmly in sustainable and inclusive development.”

The Forum seeks to provide a dedicated platform for young forging entrepreneurs to engage in peer-to-peer knowledge exchange, participate in leadership development programmes, and stay aligned with emerging global trends and technologies. Its activities include strategic sessions, academic collaborations, policy discussions, and exposure visits to innovation hubs. The initiative marked its first milestone with a launch event in Hyderabad, which included a visit to the CII-Godrej Green Business Centre, India’s first LEED Platinum-certified green building, and an engaging leadership workshop titled “Re-inventing Family-Owned Businesses and Shifting Orbits of Growth”, conducted by renowned innovation strategist Dr. Rahul More.

Ankit Mehta, Director, KLM Forge Pvt. Ltd., Pune, said, “In an evolving industrial landscape, collaboration and innovation are more critical than ever. AIFI GenNext Entrepreneurs Forum invites young forgers like me to actively engage with peers, exchange ideas on modern forging practices, and explore the latest technologies shaping our industry.”

Future activities under the Forum will include interactions with young leaders from across industries, leadership programmes in collaboration with top academic institutions, overseas study missions, and capacity-building initiatives on cutting-edge topics such as artificial intelligence, robotics, machine learning, cybersecurity, and ESG frameworks. By creating a culture of continuous learning and forward-thinking, the AIFI GenNext Entrepreneurs Forum is set to become a defining platform for shaping the future of the forging industry in India.

Sivarjun Rachamallu, GM,  Rachamallu Forgings Pvt. Ltd., Hyderabad, said, “I am honoured to be part of the GenNext Entrepreneurs Forum, a visionary initiative by the Association of Indian Forging Industry (AIFI). GenNext serves as a platform for the next generation of forging professionals, where fresh perspectives meet seasoned expertise. The forum aims to drive positive transformation in the forging sector by advancing technology, promoting sustainability, and contributing to the development of progressive industry policies at the governmental level.”

This initiative aligns seamlessly with AIFI’s broader vision to position the Indian forging industry as a global leader in manufacturing excellence, innovation, and sustainability. Through strategic advocacy, skill development, and a strong focus on collaborative growth, AIFI remains committed to empowering the sector and driving its transformation on the world stage.

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VIENNA, AUSTRIA: The fourth OPEC Fund Development Forum concluded with a strong slate of new commitments, loan agreements, and strategic partnerships to advance inclusive transition and sustainable development. The Forum brought together more than 700 global leaders, including government representatives, development institutions, and private sector stakeholders, under the theme “A Transition That Empowers Our Tomorrow”.

The OPEC Fund announced some US$720 million in new financing to support development efforts across Africa, Asia, Latin America, and the Caribbean, and saw the signing of US$362 million in new loan agreements. A new Trade Finance Initiative is set to secure vital supplies and help close trade-related liquidity gaps in partner countries.

OPEC Fund President Abdulhamid Alkhalifa said, “The OPEC Fund Development Forum reflects our conviction that partnerships must deliver results. Today, we achieved tangible progress – with new signings, new partnerships, and new approaches to help our partner countries turn ambition into action. Whether in energy, infrastructure, agriculture, or finance, we are responding with solutions that make a difference.”

As part of its Small Island Developing States (SIDS) initiative, the OPEC Fund signed cooperation agreements with Grenada and the Solomon Islands, expanding support for climate resilience and sustainable infrastructure.

Deepening Country Partnerships for Long-term Impact

New country-level agreements and cooperation frameworks include:

• A US$212 million loan agreement with Oman to finance the Khasab-Daba-Lima Road Project (Sultan Faisal bin Turki Road), improving local and regional connectivity, as well as a Country Partnership Framework (CPF) to strengthen cooperation over the next five years.
• A US$25 million loan agreement with Cameroon to strengthen the Rice Value Chain Development Project, supporting smallholder farmers and strengthening food security in vulnerable regions, in collaboration with the Islamic Development Bank (IsDB), Arab Bank for Economic Development in Africa (BADEA), and the Kuwait Fund.
• A CPF with Rwanda to allocate up to US$300 million in financing for 2025 – 2028, supporting the country’s development priorities, including quality infrastructure, improved essential basic services, and the promotion of entrepreneurship and the private sector.
• Other country partnership agreements included: Azerbaijan to support infrastructure, energy transition and sustainable development; Botswana to support infrastructure, renewable energy, innovation and digital transformation, as well as private sector export-led growth over the next three years; Grenada to build resilience through sustainable development initiatives; Kyrgyz Republic to increase cooperation in transport, water supply and sanitation, energy, agriculture and banking sectors; and Solomon Islands to expand engagement and increase cooperation including in the private sector.

Scaling up Private Sector Support

The OPEC Fund continues to prioritize private sector-led growth with targeted financing to financial institutions across Africa:

• In Côte d’Ivoire, a €30 million loan agreement with Coris Bank International Côte d’Ivoire and a €35 million loan agreement with NSIA Banque will facilitate access to finance for small and medium-sized enterprises (SMEs).
• A US$40 million loan agreement with the East African Development Bank (EADB) will boost economic investments across Kenya, Uganda, Tanzania, and Rwanda, strengthening regional integration and inclusive growth.

New Trade Finance Initiative

• At the Forum, the OPEC Fund also announced a new Trade Finance Initiative to boost trade resilience in partner countries by facilitating access to essential imports, closing liquidity gaps, and strengthening resilience to external shocks in vulnerable economies.

Advancing global cooperation

The Forum also featured new agreements to deepen multilateral cooperation:

• A new cooperation agreement with the Central American Bank for Economic Integration (CABEI) will strengthen collaboration in infrastructure, energy, and human development projects across the Latin American and Caribbean region.
• The OPEC Fund and the Islamic Organization for Food Security (IOFS) formalized a cooperation agreement to coordinate efforts on climate-resilient agriculture and sustainable food systems.
• A cooperation agreement with the International Anti-Corruption Academy (IACA) will support training programs to promote institutional transparency and anti-corruption capacity building in partner countries.

Ahead of the Forum, the OPEC Fund hosted the Annual Meeting of the Heads of Institutions of the Arab Coordination Group (ACG). Delegates participated in a high-level roundtable with the President of Mauritania, Mohamed Ould Ghazouani, to strengthen development collaboration and mobilize investment flows to Mauritania. The roundtable resulted in an ACG joint pledge of US$2 billion in financing over the next five years. This will be directed to vital sectors, including energy, water, transportation, and digital infrastructure, to stimulate economic growth. A dedicated Arab Donors Roundtable on the Sahel addressed strategies to mobilize greater support for the region’s urgent challenges. It was organized by the Permanent Interstate Committee for Drought Control in the Sahel (CLISS) and sponsored by the OPEC Fund’s partner institution, the Arab Bank for Economic Development in Africa (BADEA).

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OPEC Fund President Abdulhamid Alkhalifa will open the Forum alongside President Mohamed Ould Ghazouani of Mauritania and Minister of Finance Mohammed Aljadaan of Saudi Arabia. Senior government officials from across Africa, Asia, the Middle East, Latin America, and the Caribbean, along with heads of multilateral institutions, will join forces to drive solutions to some of the world’s most pressing challenges.  

President Alkhalifa said: “Today’s interconnected crises – from climate change to economic volatility – demand institutions that are agile, responsive, and resolute. The OPEC Fund stands firmly with our partners and with the Global South. Our Development Forum is not just a platform for dialogue – it is a catalyst for collective action and transformative impact. Together, we can transform adversity into opportunity.”

The 2025 Forum will tackle four high-impact themes: financing development, climate resilience, digital inclusion, and sustainable transitions for vulnerable economies. Sessions will focus on generating actionable ideas and partnerships that can accelerate progress toward the delivery of the Sustainable Development Goals. A series of cooperation agreements will be signed to further strengthen South-South partnerships.

Confirmed speakers at the OPEC Fund Development Forum include the Vice-President and Minister of Finance of the Republic of Botswana, Ndaba Nkosinathi Gaolathe, the Prime Minister of São Tomé and Príncipe, Américo d’Oliveira dos Ramos; the Prime Minister of the Solomon Islands, Jeremiah Manele; the Minister of Finance of Nigeria, Adebayo Olawale Edun; the Minister of Economy of Azerbaijan, Mikayil Jabbarov; the  Minister of Planning and International Cooperation of Guinea, Ismaël Nabé; the Minister of Finance of Nepal, Ghanshyam Upadhyaya; and the Minister of Finance and Economic Planning of Rwanda, Yusuf Murangwa.

Institutional leaders participating include the President-elect of the African Development Bank (AfDB) and current President of the Arab Bank for Economic Development in Africa (BADEA), Sidi Ould Tah; the Executive President of CABEI,  the Central American Bank for Economic Integration, Gisela Sánchez; the Executive President of CAF, Development Bank of Latin America and the Caribbean, Sergio Díaz-Granados; the President of the Caribbean Development Bank, Daniel M. Best, and the Chairman of the Islamic Development Bank (IsDB), Muhammad Sulaiman Al Jasser.  

On June 16, one day prior to the Development Forum, the OPEC Fund will host the annual meeting of the Heads of Institutions of the Arab Coordination Group (ACG), followed by a high-level roundtable on Mauritania with President Ghazouani to mobilize coordinated support for Mauritania’s national development priorities, particularly in energy, food security and infrastructure.

The week’s activities will culminate with the OPEC Fund Ministerial Council and Governing Board meetings on June 18, where new projects supporting sustainable development will be approved.

For the full agenda and speaker list of the OPEC Fund Development Forum 2025, visit: opecfund.org

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The forum highlighted the IsDB Group’s activities and initiatives aimed at empowering both public and private sectors in member countries, particularly in the People’s Democratic Republic of Algeria. The discussions focused on prevailing opportunities and challenges facing the business sector and highlighted the Group’s suite of financing instruments, including lines of financing, private sector financing, trade development support, investment insurance, and export credit facilities, among others.

The forum agenda featured a series of dialogue sessions and workshops addressing key economic themes and development projects. Participants also attended presentations on trade and investment opportunities. In addition, bilateral meetings between public and private sector institutions (B2B and B2G) facilitated networking, strategic partnerships, experience sharing, and the promotion of successful ventures.

The forum attracted high-level participation from Algerian government officials, presidents and CEOs of local, regional, and international private sector companies, investors, businessmen, chambers of commerce and industry, trade and investment promotion bodies, and regional and international financial and development institutions.

In his opening remarks, His Excellency Dr. Mohammed Al Jasser, President of the Islamic Development Bank Group, welcomed all participants to the forum. He stated: “This forum is not just an annual event, but a renewed strategic platform through which we highlight the innovative tools and services offered by the Islamic Development Bank Group institutions to support investment and trade, and expand partnerships within our member countries, including the beloved Republic of Algeria. This session represents a unique opportunity for investors, businessmen, and CEOs from member countries to open channels of communication, establish partnerships, and forge business relations with their counterparts in the Republic of Algeria.”

In his turn, Dr. Khalid Yousif Khalafalla, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), stated, “The Private Sector Forum witnessed a distinguished cohort of partners from both public and private sectors. Sustainability and development constitute the core focus of our mission, as we strive to unify the efforts of our private sector partners and other financing agencies to bridge the sustainable financing gap, provide co-financing opportunities, and develop innovative solutions to address the challenges of sustainable development. In this context, we are proud of our role in private sector development by providing effective financing solutions to financial institutions and large corporations, as well as facilitating access to suitable financing for small and medium enterprises. We also continue to finance infrastructure projects that enhance development impact, encourage cross-border investment, support member countries’ exports, and create new job opportunities.”

He added, “Since its inception and until 2024, the ICIEC provided cumulative insurance coverage exceeding 121 billion USD, including 96 billion USD to support trade flows and more than 25 billion USD to facilitate foreign investments. Leveraging a robust global reinsurance network, the Corporation has mobilized a cumulative reinsurance capacity of 69 billion USD from the private reinsurance market. Through more than 65,000 transactions across vital sectors including agriculture, renewable energy, infrastructure, manufacturing, and healthcare, the Corporation continues to drive significant development impact across  member countries.“

On his part, Eng. Adeeb Al-Aama, CEO of the International Islamic Trade Finance Corporation (ITFC), stated, “The 13th edition of the Private Sector Forum reaffirmed the vital role of the private sector in fostering economic growth, generating employment, and reducing poverty in member countries. The active participation of the business investors greatly enriched discussions and strengthened collaborative efforts to promote economic resilience and business dynamism.”

He added, “Since its launch in 2008, ITFC has extended over 83 billion USD in financing to OIC member countries, becoming the leading provider of trade solutions in the region. Of this, 19 billion USD was allocated to enhance SMEs competitiveness – combining financial support, technical assistance, and capacity building efforts to help these enterprises access regional and international markets.”

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