Financing agreements worth $5.4bn signed at annual IsDB meet

The Islamic Development Bank (IsDB) Group concluded its annual meeting in Jeddah, Saudi Arabia, on May 13.

The four-day event attracted 4,452 participants from 90 countries as well as 89 regional and international organisations working in the field of sustainable development.

During the event, held under the theme, ‘Partnerships to Fend off Crises’,  the bank announced several projects and signed financing agreements with 24 member countries (MCs) worth $5.4bn to address pressing challenges that hinder growth in the Global South, with a focus on health, agriculture, food security, SMEs, education and humanitarian assistance, amongst others.

Dr Muhammad Al Jasser, stated, “Over the past four days, we have reviewed development-related issues with our partners and member countries. We discussed the current situation and the future of the group, reaching a number of important decisions in the process. The results of these annual meetings are certain to pave the way for further success to come.”

IsDB announces key projects

During the event, the bank announced several key projects and signed agreements reinforcing its commitment to financing sustainable development projects in its MCs.

Its Board of Executive Directors approved financing valued at more than $558m for six projects focusing on supporting inclusive growth and infrastructure development in MCs.

The bank also launched its revamped ‘Member Country Partnership Strategy’ documents for Uzbekistan, Pakistan, and Niger which will activate the IsDB Group Country Engagement Framework within the respective countries to support multilateral development and growth.

In another development, IsDB, as the trustee of the Afghanistan Humanitarian Trust Fund, signed seven agreements for inclusive sustainable development projects in Afghanistan, with a total consideration of $8,098,180, which includes grants from the King Salman Humanitarian Aid and Relief Center.

IsDB and its international development partners also launched the second phase of its Lives and Livelihoods Fund (LLF 2.0) which aims to mobilise resources that support economic development across 32 of the less privileged MCs of the bank.

The bank has committed a contribution of $325m in concessional loans to LLF 2.0, bringing the total grant contributions to the fund to $200m.

Read: Development bank IsDB, partners launch Lives and Livelihoods Fund 2.0

As a development impact maximizer, #IsDB Group is serving humanity and making a real difference in the world. Join us, as we collectively respond to protracted challenges and strive to fend off multi-pronged crises. #IsDBAM2023 pic.twitter.com/pmpbosszis

— IsDB Group (@isdb_group) May 14, 2023

 The four-day event also included high-level plenary sessions, technical symposiums, and side events focusing on a wide range of topics, such as poverty alleviation, infrastructure development, women and youth empowerment, and climate action.