The Islamic Development Bank Group ended its annual meeting in Jeddah by concluding 77 funding agreements worth SR5.4 billion ($1.44 billion) with 24 member nations in an effort to solve the ongoing global challenges.
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.
Additionally, the company inked various contracts to fund six sustainable development projects totaling more than $588 million.
The agreements emphasise encouraging equitable growth and creating environmentally friendly infrastructure in the member nations.
“We must leverage the technological disruptions along with the ethical principles of Islamic finance to foster inclusive development,” Al-Jasser said.
Seven agreements totaling $8.09 billion were inked by the organisation, including funding from the King Salman Humanitarian Aid and Relief Centre for sustainable development initiatives in Afghanistan.
“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.
In addition, IsDB announced the beginning of the Lives and Livelihoods Fund's second phase as part of its $325 million soft loan commitment.
The annual meetings of the IsDB Group in 2023, with the topic "Partnerships to Fend Off Crises," aimed to give participants a place to discuss current financial, economic, and development issues facing member countries and partners.