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IsDB Signs 91 Financing Agreements with Member Countries in Marrakesh

A view of the exterior building of the Islamic Development Bank Group in Jeddah, Saudi Arabia May 31, 2018. Picture taken May 31, 2018. REUTERS/Reem Baeshen
A view of the exterior building of the Islamic Development Bank Group in Jeddah, Saudi Arabia May 31, 2018. Picture taken May 31, 2018. REUTERS/Reem Baeshen
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IsDB Signs 91 Financing Agreements with Member Countries in Marrakesh

A view of the exterior building of the Islamic Development Bank Group in Jeddah, Saudi Arabia May 31, 2018. Picture taken May 31, 2018. REUTERS/Reem Baeshen
A view of the exterior building of the Islamic Development Bank Group in Jeddah, Saudi Arabia May 31, 2018. Picture taken May 31, 2018. REUTERS/Reem Baeshen

The Islamic Development Bank (IsDB) has announced that the approved funding by all branches exceeded USD21.72 billion in 2018.

IsDB President Dr. Bandar Hajjar announced during a news conference, marking the release of the 2018 Annual Report on the occasion of the 44th Annual Meeting in Marrakesh, that a total of 91 financing agreements were signed in Marrakesh with member countries.

In 2018, the three development financing members of the Group (IsDB, ICD, and ITFC) all together approved a total of USD7 billion, he added.

These development financing operations were targeted to provide critical enablers for the economic transformation of 57 member-countries as their road to achieving the Sustainable Development Goals (SDGs).

Hajjar added that IsDB funding for the member countries since its establishment 44 years ago exceeded USD138 billion – Morocco’s stake totaled USD7 billion. He continued that 2018 was known for launching several new funds.

Mohamed Benchaaboun, IsDB Governor and Minister of Economy and Finance, said that this edition of the bank’s meetings coincides with the beginning of a new strategy focused on supporting member countries integration with global value chains.

Benchaaboun clarified that Morocco has all the required components to get involved in the new strategy of the bank, therefore Morocco is the first country to sign an agreement within this framework – covering 2019-2022.

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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.