Financing agreements worth US$5.4bn signed at annual IsDB meet

Financing agreements worth US$5.4bn signed at annual IsDB meet

The (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.” 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