UAE Business: IsDB provides $165.63bn finance to development projects – Gulf Digital News

UAE Business: IsDB provides $165.63bn finance to development projects – Gulf Digital News

The Islamic Development Bank (IsDB) Group has provided $165.63 billion to finance development projects in various economic sectors, since its launch and up to June 30 this year, said its Chairman Dr Muhammad Sulaiman Al Jasser.

In an interview with the Emirates News Agency (Wam), Dr Al Jasser said 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). It is also currently cooperating 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 said.

He talked about the close relationship between the IsDB and the UAE, which is one of the bank’s founding countries and a major stakeholder.

Below is an excerpt from