Islamic Development Bank Commits Over $4.4 Billion To Support UNCCD And Drought Resilience Initiatives

The Islamic Development Bank (IsDB) Group has been instrumental in financing projects that align with the United Nations Convention to Combat Desertification (UNCCD). Since 2018, the bank has provided over $4.4 billion for such initiatives. During the 16th session of the Conference of the Parties (COP16), Muhammad Al Jasser, Chairman of IsDB, highlighted the bank's dedication to sustainable land management and drought resilience.

Al Jasser detailed several projects funded by IsDB across member states. In Kazakhstan, $1.15 billion was allocated to rehabilitate 3,400 km of irrigation networks, enhancing crop production on 350,000 hectares. In Azerbaijan, $96 million was directed towards the Maiden Tower Project to improve food security for 1.6 million people. Additionally, $450 million supported the Regional Cassava Value Chain Program in nine African countries, empowering farmers through enhanced production and private sector involvement.

The IsDB has surpassed its climate action target by dedicating over 35% of its financing to climate initiatives ahead of its 2025 deadline. Al Jasser announced a $1-billion pledge to the Riyadh Global Drought Resilience Partnership, reinforcing their commitment to drought resilience. Furthermore, a collective pledge of $10 billion by the Arab Coordination Group aims at sustainable land management by 2030, with IsDB contributing significantly.

Collaborations with various organisations have been pivotal in scaling innovative solutions. The bank works alongside the Food and Agriculture Organization and International Fund for Agricultural Development to introduce climate-smart technologies for smallholders. Partnerships with the United Nations Development Programme aim to develop Takaful solutions, providing Islamic insurance against climate shocks.

IsDB is actively involved in supporting key initiatives like the Saudi Green and Middle East Green initiatives and the Great Green Wall for the Sahara and Sahel. These efforts focus on scaling innovative solutions and driving sustainable transformation across regions. Al Jasser emphasized that these collaborations reflect a shared vision of thriving communities living harmoniously with their environment.

"These efforts reflect our shared vision of a future where communities thrive in harmony with their environment, bolstered by adaptability and sustainability," said Al Jasser. "Through collaborative action and transformative investments, we can ensure a just, fair, and inclusive transition for all."

The bank remains committed to supporting member countries in achieving a sustainable future for both people and the planet. By working together towards this goal, IsDB ensures that no one is left behind in this journey towards sustainability.

With inputs from SPA