Islamic Development Bank Group approves updated strategy to fight poverty and promote green growth

Governors of the Islamic Development Bank (IDB) Group have agreed on three key priorities to address successive global challenges, including promoting recovery, reducing poverty while building resilience and reconciliation of growth with the environment.

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

At an expanded roundtable on Saturday, governors discussed the global food crisis and its impact on some 300 million people, especially low-income families. They agreed to develop a short, medium and long-term action plan in coordination with Member States, Arab and international multilateral institutions and other development banks, with the aim of addressing the immediate security challenges. food in member countries.

During a press conference, IsBD President Mohamed Al-Jasser said: “In 2021, the value of the financing granted by the Bank in the field of infrastructure amounted to 1.2 billion dollars, which covered energy, transport, water and sanitation… With the aim of fighting poverty and building resilience, the Bank approved an amount of 292 million dollars in 2021 to finance the sector agriculture in Member States, which has particularly benefited African countries.

He continued, “The Bank Group has also established sustainable development partnerships in many member countries to promote sustainable and environmentally-reconciled economic growth. These partnerships offer guarantees and incentives to 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, providing vaccines, improving food security, creating job opportunities, supporting health workers, promoting education and financing businesses.

At a press conference held on Thursday to launch the IDB’s three-day activities in Sharm el-Sheikh, Al-Jasser said the group, which has so far provided funds amounting to 162 billion dollars to 57 member countries, will pump the sixth increase in its capital of about 7.5 billion dollars, bringing its capital to 77.5 billion dollars.

The final declaration addressed ways to mitigate the negative effects of multiple crises, support member states in building reconciled and sustainable infrastructure, and promote human capital development.

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