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Islamic Development Bank Group Approves Updated Strategy to Combat Poverty, Promote Green Growth

Islamic Development Bank Group Approves Updated Strategy to Combat Poverty, Promote Green Growth

Sunday, 5 June, 2022 - 08:15
During an expanded round table on Saturday, the IsDB governors discussed the global food crisis and its impact on some 300 million people. (Photo: Asharq Al-Awsat)

The governors of the Islamic Development Bank Group (IsDB) agreed on three main priorities to confront successive global challenges, including promoting recovery, alleviating poverty while building resilience, and reconciling growth with the environment.


These points constituted the features of the Bank’s strategy for the period 2023-2025, with a focus on two main pillars: green, sustainable and resilient infrastructure and comprehensive development of human capital.


During an expanded round table on Saturday, the governors discussed the global food crisis and its impact on some 300 million people, especially low-income families. They agreed to develop an action plan for the short, medium and long terms in coordination with member states, Arab and international multilateral institutions and other development banks, with the aim to address the immediate challenges of food security in member countries.


During a press conference, IsBD President Mohamed Al-Jasser said: “In 2021, the value of the financing provided by the Bank in the field of infrastructure amounted to USD1.2 billion, which covered energy, transportation, water and sanitation... With the aim of addressing poverty and building resilience, the Bank approved an amount of USD292 million in 2021 to finance the agricultural sector in member states, which has benefited African countries in particular.”


He continued: “The Bank Group has also established partnerships for sustainable development in many member countries, in order to promote sustainable economic growth that is reconciled with the environment. These partnerships provide guarantees and incentives for the various stakeholders to encourage them to share their expertise.”


The Bank’s operations in 2021 targeted about 47.5 million people in member states, by providing vaccines, enhancing food security, creating job opportunities, supporting health workers, promoting education and financing business.


In a press conference held on Thursday to launch the three-day activities of the IsDB in Sharm El-Sheikh, Al-Jasser said that the group, which has so far provided funds amounting to USD162 billion to 57 member countries, will pump the sixth increase in its capital by about USD7.5 billion, bringing its capital to USD77.5 billion.


The final statement touched on the means to mitigate the negative effects of multiple crises, support member states in establishing a reconciled and sustainable infrastructure, and promoting human capital development.


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