Riyadh: $8 Billion in Agreements Inked at Islamic Development Bank Group Meetings
The annual meetings of the Islamic Development Bank Group concluded with a bang as a whopping 85 agreements worth over $8 billion were signed across various sectors. This marked a significant increase from last year’s 77 financing agreements totaling $5.4 billion.
Chairman Al-Jasser Lauds Saudi Support
During the press briefing, IsDB Chairman Mohammed bin Sulaiman Al-Jasser revealed the signing of financing agreements between the group’s institutions, 38 member countries, and 22 international financial institutions, covering a wide array of projects. He praised the unwavering support of the Saudi leadership, showcasing the Kingdom’s dedication to global cooperation and progress.
Record Attendance at Meetings
This year’s gatherings were jam-packed with meetings of the IsDB Group’s councils and over 27 consequential side events. With more than 3,750 participants, including distinguished intellectuals, experts, and researchers from various developmental fields, the event saw representatives from approximately 55 international and regional partner organizations.
Private Sector Forum Success
The Private Sector Forum was a hit with over 1,500 delegates from 60 nations participating in 17 events, resulting in the signing of over 60 agreements totaling around $6.5 billion. Al-Jasser highlighted the forum’s success in fostering partnerships and driving economic growth.
50 Years of Impact
Over the past five decades, the IsDB has played a crucial role in funding developmental projects exceeding $182 billion. These projects have spanned key areas such as infrastructure, agriculture, health, education, energy, trade, and Islamic finance, contributing to sustainable social and economic development.
Looking Towards the Future
The issuance of the “Golden Jubilee Declaration” by the IsDB Board of Governors outlined key priorities for the future, including enhancing governance, expanding concessional financing, and advancing Islamic finance and cooperation in Southern countries. Al-Jasser reiterated the theme of the meetings, emphasizing the importance of cherishing the past while charting a prosperous future.
Commitment to Progress
Al-Jasser reaffirmed the organization’s commitment to building on past achievements, learning from history, and leveraging current challenges and opportunities to create a brighter future. Last year, the IsDB Group announced projects with 24 member countries aimed at tackling critical issues in the Global South, focusing on health, agriculture, food security, small and medium enterprises, education, and humanitarian aid.