Jeddah, Saudi Arabia–The Islamic Development Bank (IsDB) Group has signed 77 financing agreements worth $5.4 billion with 24 member countries during its annual meeting in Jeddah.
The four-day event hosted dozens of agreements, panels, summits, and business-to-business meetings with the high-level participation of its member countries.
The agreements aim to develop or cover operations and projects in various sectors such as health, agriculture, food security, transport, energy, small- and-mediums-sized enterprises, education, and humanitarian relief.
President of the Islamic Development Bank (IsDB) Group, Dr. Mohammed Sulaiman Al-Jasser said, “Over the past four days, we have discussed with the member states and partners a wide range of development issues and the future of the IsDB Group.”
He added that the bank’s board of governors took a number of important decision to allow the bank to pave the way for more success.
“The governors discussed the influence on the impact of economic crisis on our member countries,” he said.
“They gave direction and important proposals to the IsDB group to utilize partnerships to fend off crises and work on innovative new mechanisms,” he added.
The president said the board also discussed ways to maximize ordinary as well as concessional financing utilizing the increasing liquidity of Islamic finance.
The IsDB meetings also launched seven significant projects. They signed several agreements that include financing six projects in sustainable development, with a value of more than $558 million, focusing on inclusive growth and developing infrastructure in the Bank’s member states.
Regarding humanitarian aid provided within the framework of Afghanistan Humanitarian Trust Fund (AHTF), managed by the IsDB, the Group signed seven agreements for projects of sustainable development in Afghanistan with a value of $8 billion, including grants from King Salman Humanitarian Aid and Relief Center (KSrelief).