The Islamic Development Bank (IsDB) has achieved a significant milestone in financing sustainable development programmes and initiatives, reaching a net financing of US$170.5 billion since its establishment until 2022, according to Dr. Muhammad Al Jasser, President and Group Chairman of the bank. 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.
Dr. Al Jasser highlighted the bank’s commitment to providing sustainable financing solutions for economic development and social progress, as well as contributing to the United Nations’ Sustainable Development Goals. He noted that IsDB’s financing programmes have supported the creation of jobs, the development of infrastructure, and the implementation of policies and programmes that promote sustainable development and inclusive growth across its member countries.
In addition to its financing achievements, 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 in the financial sector. The IsDB Group operates in more than 50 member countries, serving a population of over 1.8 billion people, and has been committed to promoting economic and social progress in its member countries since its inception in 1975.
The IsDB’s financing programmes have supported the creation of jobs, the development of infrastructure, and the implementation of policies and programmes that promote sustainable development and inclusive growth across its member countries. In the energy sector, the bank has supported renewable energy projects such as solar and wind power, and has invested in energy efficiency and energy storage solutions. The bank has also provided financing support for the development of clean energy solutions in the transportation sector, such as electric vehicles and public transportation systems.
In the industrial and mining sector, the IsDB has supported the development of value-added industries and the establishment of partnerships between the public and private sectors. In agriculture, the bank has provided financing for irrigation systems, research and development, and the implementation of sustainable agricultural practices. In finance, the bank has supported micro, small, and medium-sized enterprises, as well as innovative financing solutions that promote financial inclusion.
In the water and sanitation sector, the IsDB has provided financing support for the development of clean drinking water systems, wastewater treatment facilities, and sanitation infrastructure. In the health sector, the bank has provided financing support for the development of healthcare infrastructure, medical research, and the provision of healthcare services. In the education sector, the bank has supported the development of educational infrastructure, research and development, and vocational training programmes.
The IsDB’s 2023 Annual Meetings in Jeddah, Saudi Arabia, provided a platform for discussions on the bank’s performance and the challenges facing its member countries. The meetings brought together representatives from member countries, international organizations, development partners, and other stakeholders to discuss ways to accelerate progress towards achieving the SDGs.
Overall, the IsDB’s net financing for sustainable development reaching US$170.5 billion is a significant milestone in its efforts to promote economic development and improve the quality of life of people in its member countries. The bank’s continued support for development projects across various economic sectors and its high credit rating are testaments to its commitment to achieving its mandate and contributing to the achievement of the SDGs.
The IsDB’s financing programmes have also been aligned with the United Nations’ Sustainable Development Goals, which aim to end poverty, protect the planet, and promote peace and prosperity for all. The bank has been committed to promoting sustainable development and inclusive growth in its member countries, and has been recognized for its outstanding performance in the financial sector.
