IsDB Group provides $165.63bln to finance development projects

IsDB Group provides $165.63bln to finance development projects

JEDDAH - Dr. Muhammad Sulaiman Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group, has said that his group has provided US$165.630.5 billion to finance development projects in various economic sectors, since its launch and up to 30th June, 2022.

In an interview with the Emirates News Agency (WAM), Dr. Al Jasser said that food security is a major issue facing the member states of the IsDB, which is promoting smart agriculture and the need to increase strategic food reserves in these countries.

By 2025, the bank hopes to make at least 35 percent of its new operations environmentally friendly, and it is cooperating with the UAE by offering technical support to ensure the success of the 28th United Nations Climate Change Conference of the Parties (COP28), which it is also currently doing with Egypt for COP27, to be held in Sharm El Sheikh.

This cooperation will enable the bank to help transfer the UAE’s pioneering and advanced digitisation expertise to its other member states through its "Reverse Linkage" mechanism, which aims to promote the exchange of knowledge and experiences.

He thanked WAM for giving him this opportunity to speak about IsDB’s activities and development-related issues and challenges. He talked about the close