Jeddah-headquartered Islamic Development Bank (IsDB) has signed 77 financing agreements worth $1.44 billion with 24 member countries in a bid to address the ongoing global crises, Arab News reported.
The deals were signed on the sidelines of IsDB’s annual meeting in Jeddah.
Mohammad Al-Jasser, chairman of the group, said the agreements seek to promote various sectors including health, agriculture, food security, transportation, energy, small and medium-sized businesses, education, and humanitarian relief. The group also signed several agreements to finance six projects worth over $588 million in the field of sustainable development. The deals focus on promoting inclusive growth and building sustainable infrastructure in member countries.
“We must leverage the technological disruptions along with the ethical principles of Islamic finance to foster inclusive development,” Al-Jasser said.
The group signed seven agreements worth $8.09 billion for projects related to sustainable development in Afghanistan, including grants from the King Salman Humanitarian Aid and Relief Center.
“We must embrace this ‘disruption’ and integrate it with our business processes to create effective solutions for our member countries. Combining modern technology’s efficiencies with Islamic economics’ sustainable and ethical principles can result in championing product solutions that can help tackle various global economic challenges,” the IsDB Group chief said.