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14-05-23

Islamic Development Bank Group Signs USD5.4B Financing Agreements for Member Countries

(MENAFN) The annual meeting of the Islamic Development Bank (IsDB) Group held in Jeddah, Saudi Arabia, saw the signing of 77 financing agreements worth USD5.4 billion for 24 member countries. The event, which lasted four days, featured several agreements, panels, summits, and business-to-business meetings with the high-level participation of its member countries. The agreements aim to develop or cover operations and projects in various sectors such as health, agriculture, food security, transport, energy, small- and-medium-sized enterprises, education, and humanitarian relief.

According to Muhammed Al-Jasser, the chairman of IsDB, seven different agreements were signed on Friday to improve Afghanistan's health, childcare, education, water, sanitation, and food security infrastructure. He emphasized that the event explored member countries and their partners for a number of developmental issues and deliberated on important issues related to the future of the IsDB group.

During the event's closing news conference, Al-Jasser stressed that the bank's Board of Governors took several important decisions to allow the bank to pave the way for more success. He mentioned that the governors discussed the influence of the economic crisis on member countries and gave direction and important proposals to the IsDB group to utilize partnerships to fend off crises and work on innovative new mechanisms.

Furthermore, the board discussed ways to maximize ordinary as well as concessional financing utilizing the increasing liquidity of Islamic finance. The agreements signed are expected to have a significant impact on the member countries and their development in various sectors. The IsDB group remains committed to supporting its member countries in their efforts to achieve sustainable development and economic growth.
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