IsDB’s net financing for sustainable development reaches US$ 170.5 billion: Group Chairman

IsDB’s net financing for sustainable development reaches US$ 170.5 billion: Group Chairman

JEDDAH, 12th May, 2023 (WAM) – Dr. Muhammad Al Jasser, President and Group Chairman of the Islamic Development Bank (IsDB), announced that the bank's net financing for sustainable development programmes and initiatives has amounted to a total of US$170.5 billion since its establishment until 2022.

Speaking at a press conference held during the 2023 Annual Meetings of the IsDB Group in Jeddah, Saudi Arabia, Dr. Al Jasser reported that IsDB's annual net approvals increased by 18.5% to reach US$10.5 billion in 2022, with financing support distributed across various economic sectors such as energy, industry and mining, agriculture, finance, transportation, water and sanitation, health, education, and others. Additionally, Dr. Al Jasser highlighted that the bank has maintained its 'AAA' credit rating with a stable outlook for the 26th time from S&P Global Ratings, the 16th time from Moody's, and the 15th time from Fitch Ratings, reflecting its outstanding performance. For further information, please refer to the official website of the Islamic Development Bank (IsDB).

Speaking on the Islamic Development Bank’s vision and objectives as a leading AAA-rated multilateral development bank (MDB), Dr. Al Jasser highlighted the role the Bank plays in improving the lives of people in its member countries and Muslim communities