Islamic Development Bank provides $162B to finance over 11,000 projects

By Gokhan Ergocun

SHARM EL-SHEIKH, Egypt (AA) – The Islamic Development Bank (IsDB) Group has provided around $162 billion in cumulative financing covering over 11,000 projects so far, the chairman said.

Addressing a news conference during the group's annual gathering in Egypt's Red Sea resort city Sharm el-Sheikh, Muhammad Al Jasser said the projects were carried out in 57 member states and non-member countries.

The bank was established in 1974.

In 2021, the IsDB Group financed projects which touched the lives of more than 121 million people.

As part of the projects, the bank enabled 83 million people to access improved healthcare services, 60 million people to connect to the internet, 2 million households to access better water and sanitation services, 655,000 people to benefit from employment and livelihood opportunities. Also, a long line of transportation infrastructure was built or rehabilitated, and a large amount of land was irrigated.

All these projects were part of sustainable development goals, including no poverty, zero hunger, good health and well-being, quality education, and clean water and sanitation.

As part of the event, several agreements were signed in financing, lending and cooperation fields between participant institutions and countries.

The International Islamic Trade Finance Corporation (ITFC) signed a framework agreement with Egypt worth $6 billion for boosting trade in the country.

Egypt also signed agreements with the Arab-Africa Trade Bridges Program for expanding exports.

The Islamic Corporation for the Development of the Private Sector signed a syndicated loan agreement with Cameroon's Afriland First Bank.

The ITFC signed another agreement with Senegal for financing of €115 million ($123.5 million).

The IsDB also signed an agreement with Senegal for the development of water resources in the West African country.

Separately, the International Federation of Red Cross and Red Crescent Societies signed a memorandum of understanding with the IsDB Group.