Islamic Development Bank Strikes Pacts to Address Puzzling Humanitarian Plight in Arab Nations!
Can you fathom the recent news of the Islamic Development Bank Group’s action-packed annual meeting held in Jeddah-Saudi Arabia? Hold on to your hats as you learn that the group inked an unbelievable 77 financing agreements, valued at a whopping $1.44 billion, with 24 member countries! Mohammad Al-Jasser, the chairman of the group, astounded attendees by noting that these agreements cover a myriad of sectors, such as health, agriculture, food security, transportation, energy, education, small and medium-sized businesses, and humanitarian relief. In addition, brace yourself as the group also signed numerous agreements that greenlight the financing of six projects, which alone are worth more than $588 million, all focused on sustainable development to promote inclusive growth and create sustainable infrastructure within their member countries. The level of “disruption” brought by cutting-edge technology and the ethical principles of Islamic finance are to be harnessed for the advancement of inclusive development, added Al-Jasser. Wait, there’s more jaw-dropping news: the Islamic Development Bank Group sealed seven deals worth a stunning $8.09 billion to finance sustainable development projects in Afghanistan, including agreements with the King Salman Humanitarian Aid and Relief Center. Are you comprehending this? Finally, the cherry on top is the launch of the second phase of the Lives and Livelihoods Fund, which pledges $325 million in soft loans. Talk about pulling out all the stops! The 2023 IsDB Group annual meetings, under the theme, “Partnerships to Fend Off Crises,” was the perfect platform for all participants to engage in solution-oriented talks about existing financial, economic, and development issues that are confronting member countries and partners. Mind-blowing, isn’t it?