The Islamic Development Bank targets green infrastructure projects and human capital development
Al-Jasser: $ 5 billion in loans by the end of 2022
Friday – 4 Dhul Qi’dah 1443 AH – 03 June 2022 AD Issue No. [
Al-Jasser and Hala Al-Saeed at a press conference in Sharm El-Sheikh (Asharq Al-Awsat)
Sharm El-Sheikh: Sabri is successful
Dr. Muhammad bin Sulaiman Al-Jasser, chairman of the board of directors of the Islamic Development Bank, said the group focuses on green infrastructure projects and human capital development, given the current climate-related challenges.
Al-Jasser explained in a press conference held yesterday, Thursday, to begin the activities of the Islamic Development Bank Group in the Egyptian city of Sharm El-Sheikh, which runs until Saturday, that the group raising funds amounting to 162 billion dollars to 57 member states of the group, will pump the sixth increase in its capital by about $ 7.5 billion, bringing its capital to $ 77.5 billion to fund many projects to be submitted by member states .
Referring to the group’s strategy in the community development processes of the member states, he said: “Tell us what your concerns and concerns are … and we will help you … We will withdraw projects that go and implement with the Bank they.” He explained: “The Banking Group has taken a number of measures so that the projects and partnerships that will be implemented more appropriately with the Bank’s strategy, with a focus on projects and programs to combat poverty and projects that are compatible with the environment , and to allow for a significant increase in infrastructure projects and human capital development, not only through education but also The quality of education and the implementation of projects aimed at maintaining social peace.
He pointed out that last December, with the growing need to inject new investments, the banking group approved $ 1.6 billion in projects, and that the bank’s lending value would reach $ 5 billion by the end of this year. He stated that the Bank continues to work with its global partners, including the multilateral development banks, the Arab Coordination Group and the International Fund for Agricultural Development (IFAD), to work with other partners to mobilize new resources. He also reaffirmed the Bank’s full commitment and continued support to member states to meet development challenges and put their economies back on track.
Al-Jasser said in his speech at the 16th Islamic Development Bank Global Forum on Islamic Finance, on the sidelines of the Bank Group’s meetings, that the economic crisis stemming from “Covid 19” has increased and increased poverty rates, inequality of opportunity has. the number of poor people worldwide, and that more than half a billion people around the world were driven into poverty during the pandemic.
He added, “The economic situation has reached its worst, and one in every 3 member states of the Bank is living in poverty.” He pointed out that the fight against poverty has always been at the forefront of the Bank’s partnerships with member states and various institutions.
He said: “The pandemic has encouraged us to step up our efforts, and indeed we have studied optimal cooperation with member states to reduce poverty, and we have also expanded the partnership with the Oxford initiative and an integrated initiative with more development projects. He added: “It is gratifying to us that some Member States have succeeded in reducing poverty and reducing the impact of the pandemic. There are many experiences that have contributed to achieving positive results for those affected, and that there is worldwide consensus that the problems facing the world are difficult to deal with only by the government. Consequently, the efforts of financial institutions, development agencies and civil society must be combined by innovative solutions that promote social responsibility.
In turn, the Egyptian Minister of Planning, Hala Al-Saeed, said that her country is one of the largest contributors to the bank’s capital, and that it has a growing collaborative portfolio with the Banking Group amounting to about $ 17 billion (until the end of March 2022), which includes 367 projects, of which 303 have already been completed. They are being completed at a total cost of more than $ 10.5 billion, and 64 are underway.
The minister explained that “the bank’s most prominent ongoing projects are in the electricity and energy sectors, such as the electricity interconnection project between Egypt and Saudi Arabia, in which the bank contributes $ 220 million, and power plants in Assiut (Walidiya) and West. Cairo, in addition to the creation project Economic Opportunities for Women and Youth to Improve Food Security, through Sustainable Agricultural Practices, at a total cost of $ 97 million. The projects also include a $ 25 million technical education and vocational rehabilitation project, as well as contracting of advisory services and capacity building to support the Organization for Islamic Cooperation’s Women’s Development Organization, and other projects in the medical field.
Al-Saeed pointed out that the ongoing meetings would attest to the signing of nearly 13 agreements and memoranda of understanding between the Egyptian authorities, the Islamic Development Bank and member institutions in several key areas.