Islamic Development Bank signs $1.4bn deals for member countries’ projects

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.