As IsDB 2023 Annual Meetings Conclude, 77 Financing Agreements Worth US$ 5.4 Billion Are Signed

JEDDAH, Saudi Arabia, May 14, 2023 /PRNewswire/ -- Under the patronage of The Custodian of The Two Holy Mosques, King Abdullah bin Abdulaziz Al Saud, the Islamic Development Bank (IsDB) Group's Annual Meetings successfully concluded, today, in Jeddah, Kingdom of Saudi Arabia.

The four-day event attracted 4,452 participants from 90 countries around the world as well as 89 leading regional and international organizations working toward sustainable development.

During the event, held under the theme, "Partnerships to Fend off Crises," IsDB Group announced several projects and signed financing agreements with 24 member countries (MCs) worth US$ 5.4 billion to address pressing challenges that hinder growth in the Global South, with a focus on health, agriculture, food security, SMEs, education and humanitarian assistance, amongst others.

IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, stated, "Over the past four days, we have reviewed development-related issues with our partners and member countries. We discussed the current situation and the future of the IsDB Group, reaching a number of important decisions in the process. The results of these annual meetings are certain to pave the way for further success to come."

During the event, the IsDB Group announced several key projects and signed agreements reinforcing its commitment to financing sustainable development projects in its MCs. The IsDB Group Board of Executive Directors approved financing valued at more than US$ 558 million for six projects focusing on supporting inclusive growth and infrastructure development in MCs.

The IsDB Group also launched its revamped Member Country Partnership Strategy documents for Uzbekistan, Pakistan and Niger which will activate the IsDB Group Country Engagement Framework within the respective countries to support multilateral development and growth.

In another development, IsDB, as the Trustee of the Afghanistan Humanitarian Trust Fund, signed seven agreements for inclusive sustainable development projects in Afghanistan, with a total consideration of US$ 8,098,180, which includes grants from the King Salman Humanitarian Aid and Relief Center.

IsDB and its international development partners also launched the second phase of its Lives and Livelihoods Fund (LLF 2.0) which aims to mobilize resources that support economic development across 32 of the less privileged MCs of the Bank. IsDB has committed a contribution of US$ 325 million in highly concessional loans to LLF 2.0, bringing the total grant contributions to the fund to US$ 200 million.

The four-day event also included high-level plenary sessions, technical symposiums, and side events focusing on a wide range of topics, such as poverty alleviation, infrastructure development, women and youth empowerment, and climate action.

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Walid El Majzoub

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SOURCE Islamic Development Bank Group