ALGIERS, Algeria, May 20. The Islamic Development Bank Group (IsDB) is preparing a strategic framework to become premier partner in human development, Chairman of the Islamic Development Bank Group Dr. Muhammad Al Jasser said, addressing the official opening ceremony of the IsDB Annual Meetings in Algiers, Trend’s special correspondent reports.
“In 2024, total financing approvals exceeded US$13 billion, an
increase of more than 12% compared to the previous year, reflecting
the IsDB Group's commitment to providing quick and effective
solutions to confront crises and emergency challenges. In 2024,
total financing disbursements on project exceeded US$9 billion,
representing about 70% of the approvals, further demonstrating the
IsDB Group's keenness to turn commitments into real achievements,”
he said.
Al Jasser noted that as part of the Bank's focus on critical
sectors, $1.5 billion were allocated to support the transport
sector given its pivotal role in stimulating growth and
facilitating regional connectivity.
“We have also paid close attention to food security, with nearly
US$2 billion allocated to the agriculture sector in 2024. The
energy sector received US$918 million in financing to help build
sustainable and integrated energy systems.
Regarding the other IsDB Group entities, the Islamic Corporation
for the Development of the Private Sector has approved US$663
million to support the growth of the private sector in member
countries and enhance its role in economic and social
development.
The International Islamic Trade Finance Corporation has exceeded
US$7 billion in approvals, while business insured by the Islamic
Corporation for the Insurance of Investment and Export Credit
amounted to approximately US$13 billion,” said the IsDB Group
chairman.
Al Jasser pointed out that after celebrating the Bank's Golden
Jubilee in April last year in Riyadh, we launched a new phase of
strategic planning that will shape the IsDB Group's journey into
its sixth decade.
“We have since embarked on the preparation of the Group's Ten-Year
Strategic Framework for the period 2026-2035, with an ambitious
vision to make the IsDB Group the development partner of choice
promoting comprehensive human development and safeguarding human
dignity.
As directed by the Governors during last year's Roundtable, the
Bank has launched a strategic initiative to design a concessional
financing window which will be dedicated to least developed member
countries,” he added.