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The Islamic Development Bank (IsDB) group has provided US$165.63 billion to finance development projects in various economic sectors since its inception until June 30 this year, said its chairman, Dr. Mohammad Suleiman Al Jasser.
In an interview with the Emirates News Agency (Wam), Dr. Al Jasser said that food security is a major issue facing IsDB member countries, which are promoting smart agriculture and need to increase their strategic food reserves.
The bank wants at least 35% of its new business to be environmentally friendly by 2025, and is working with the UAE by providing technical support to ensure the success of the 28th United Nations Conference of the Parties on Climate Change (COP28). It is also currently working with Egypt to hold COP27 in Sharm El Sheikh.
He said this collaboration will enable the bank to help transfer the UAE’s pioneering and advanced digital expertise to its other member countries through its “backlink” mechanism designed to facilitate the exchange of knowledge and experience.
He spoke about the close relationship between IsDB and the UAE, one of the bank’s founding countries and a key stakeholder.
The following are excerpts from the interview:
What support mechanisms do you have for member countries to enable them to meet current economic challenges?
The Bank’s primary objective is to support the social and economic development of its member countries, and its strategic objectives revolve around this mission and are reflected in its financing of many major projects in various fields such as agriculture, healthcare, education, transportation, energy, and more. , industry, mining, urban development, water and sanitation, information and communication technology, digitalization and finance.
The Bank has also funded various projects over the past few years, including empowering women and youth, tackling climate change, supporting non-governmental organizations (NGOs) and civil society groups, promoting the exchange of knowledge and expertise, and regional cooperation, as well as encouraging economic integration.
The Covid-19 pandemic and conflict in Eastern Europe have made the need to maintain food security even more urgent. What measures is the IsDB taking in response to the pressing needs of its member states?
Sustaining food security is a key challenge for most IsDB member countries, especially low-income countries that face food shortages and weak supply chains while relying on imports. Conflict in Eastern Europe and the drought hitting East Africa also contributed to the recent rise in food prices.
To address these challenges, in July 2022, the Islamic Development Bank adopted a comprehensive food security response plan worth US$10.54 billion to support member countries in responding to food crises. The bank also assists efforts to increase the resilience of its member countries to future food crises.
As such, the Bank will focus on supporting eco-friendly smart agriculture to increase productivity, ensure food security and maintain strategic food reserves in its member countries, and enable smallholder farmers to access markets and attract agricultural investment.
In November 2023, the UAE will host COP28. Could you give some details of your cooperation with UAE and what are your target areas?
The bank is actively adopting green economy and sustainability standards in its financial operations, so it has set a target of at least 35% of new operations being climate-sensitive by 2025, meaning it will assess both adaptation and mitigation of climate change. necessity. Impact of climate change.
In line with its plan to tackle climate change and its impacts, the bank has launched a leading Shariah-compliant financing scheme called Green Sukuk, which aims to encourage the adoption of green projects and reduce the climate impact of other development projects.
What is the total amount of financing provided by IsDB to member countries at the end of the first quarter of 2022?
Since its inception, as of June 30, 2022, IsDB has provided $165.63 billion to fund development projects across various economic sectors.
Islamic Investment and Export Credit Insurance Corporation, the insurance arm of the IsDB Group, insures US$83.3 billion of its trade and investment operations in its 48 member countries.
To mitigate the risks faced by these businesses, the company provides Shariah compliant insurance solutions and services.
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