IsDB Financing Exceeds $7.5 Billion Across 50 Countries Since Inception In 1999

The Islamic Development Bank (IsDB) has played a pivotal role in financing over 575 projects across 50 countries since its establishment in 1999. These initiatives, with funding surpassing $7.5 billion, have focused on sectors like energy, manufacturing, and agriculture. Dr. Muhammad Al Jasser, the President of IsDB, shared these insights during the IsDB Group Private Sector Forum at the Group’s 51st Annual Meetings in Algeria.

Dr. Al Jasser highlighted the significant contributions of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a key member of the IsDB Group. Since its inception in 1994, ICIEC has provided insurance coverage exceeding $121 billion. This support has been crucial for strategic investments in infrastructure, industry, healthcare, and agriculture.

The International Islamic Trade Finance Corporation (ITFC), another vital component of the IsDB Group, has also made substantial contributions. Since its launch in 2008, ITFC has allocated over US$83 billion to bolster the private sector. In 2024 alone, $1.2 billion was specifically earmarked for small and medium-sized enterprises (SMEs).

Dr. Al Jasser emphasized the IsDB's dedication to fostering intra-investments and facilitating capital flows among member countries. The Bank aims to promote joint growth through financing, insurance, and export credit mechanisms. He reiterated that empowering the private sector is central to achieving sustainable development goals.

The IsDB is committed to transforming recommendations from the Private Sector Forum into practical programs and initiatives. These efforts are designed to enhance trade integration, accelerate intra-investment, and strengthen strategic development partnerships among member countries.

Dr. Al Jasser reaffirmed the Bank's commitment to supporting these objectives by leveraging its resources and expertise to drive economic growth and development across its member states.

With inputs from SPA