Arab News, Monday, May 15, 2023 | Shawwal 25, 1444
Islamic Development Bank signs 77 deals worth $1.4bn for projects in member countries
Saudi Arabia: In
a bid to address the ongoing global crises, the Islamic Development Bank Group
signed 77 financing agreements worth SR5.4 billion ($1.44 billion) with 24
member countries as it concluded its annual meeting in Jeddah, the Saudi Press
Agency reported.
Mohammad Al-Jasser, chairman of the group, said the agreements seek to promote
various sectors including health, agriculture, food security, transportation,
energy, small and medium-sized businesses, education, and humanitarian relief.
The group also signed several agreements to finance six projects worth over $588
million in the field of sustainable development.
The deals focus on promoting inclusive growth and building sustainable
infrastructure in member countries.
“We must leverage the technological disruptions along with the ethical
principles of Islamic finance to foster inclusive development,” Al-Jasser said.
The group signed seven agreements worth $8.09 billion for projects related to
sustainable development in Afghanistan, including grants from the King Salman
Humanitarian Aid and Relief Center.
“We must embrace this ‘disruption’ and integrate it with our business processes
to create effective solutions for our member countries. Combining modern
technology’s efficiencies with Islamic economics’ sustainable and ethical
principles can result in championing product solutions that can help tackle
various global economic challenges,” the IsDB Group chief said.
IsDB also launched the second phase of the Lives and Livelihoods Fund, as the
bank is committed to providing $325 million in soft loans.
The 2023 IsDB Group annual meetings, themed “Partnerships to Fend Off Crises,”
aimed to provide a solution-oriented space for participants to talk about
current financial, economic, and development concerns confronting member
countries and partners.