Latest news with #IsDB
Leaders
01-08-2025
- Business
- Leaders
SDB Launches Artisanal Training in Aseer with Italy's Alchimia
The Social Development Bank (SDB) has introduced a new crafts training program in the Aseer region, developed in partnership with the renowned Alchimia Contemporary Jewellery School of Italy. This initiative is part of SDB's 2025 specialized training agenda, designed to equip artisans and freelancers with advanced skills in working with copper and gold leaf. Rooted in the rich cultural heritage of the region, the program takes inspiration from Al-Qatt Al-Asiri—Aseer's traditional art form recognized by UNESCO—to produce market-ready, high-quality crafts that support long-term economic sustainability. The launch event, held in Abha, also marked the signing of a strategic cooperation agreement between SDB and Alchimia. Through this partnership, global expertise will be brought to local talent via nationwide training programs, aimed at empowering artisans and boosting their competitiveness. This initiative aligns with SDB's broader mission to support the crafts and creative industries. Since its inception in 2023, the specialized training program has served over 300 participants across 15 sessions, resulting in the creation of 250 distinctive products. Notably, 30% of participants have secured financing, and more than 150 families engaged in the cottage industry have successfully scaled their businesses. Related Topics: Saudi Arabia, UNDP Partner to Foster Economic, Social Development SFD discusses ways to enhance development cooperation with the UNDP IsDB Signs Partnership with UN Population Fund, UNICEF to Provide Clean Water in Afghanistan IsDB approves US$176.12 mn financing for food security, health, transport, water, sanitation projects in four member countries Short link : Post Views: 11
Gulf Today
15-07-2025
- Business
- Gulf Today
ITFC signs $513 million financing with Pakistan
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, signed a $513 million Syndicated Murabaha Financing Facility with the Islamic Republic of Pakistan, represented by the Ministry of Economic Affairs, to support the country's critical energy sector needs. The signing ceremony was witnessed by Dr. Muhammad Al-Jasser, President of the Islamic Development Bank (IsDB), and the agreement was signed by Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, and Dr. Kazim Niaz, Federal Secretary for Economic Affairs, on behalf of the Government of Pakistan. This milestone facility marks the largest syndicated financing arranged by ITFC for Pakistan over the last three years, reaching $513 million, which was significantly oversubscribed, with the final amount raised being more than double the initial target, reflecting strong interest and confidence from investors. The proceeds of the financing will be used for the import of crude oil, petroleum products, and liquefied natural gas (LNG) to meet Pakistan's energy needs. This milestone facility stands as the largest syndicated operation led by ITFC for Pakistan in recent years, with the final amount raised being more than double the initial target, underscoring the strong confidence and demand from the market. This latest financing reflects ITFC's continued efforts to provide impactful, Shari'ah-compliant trade solutions that address the urgent needs of member countries. WAM
The Sun
08-07-2025
- Business
- The Sun
ChemOne secures US$350m Islamic insurance cover for PEC
KUALA LUMPUR: Singapore-based petrochemicals, green energy and natural resources conglomerate ChemOne Group announced that the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a wholly owned subsidiary of the Islamic Development Bank (IsDB), has approved an insurance cover of US$350 million (RM1.4 billion) for Pengerang Energy Complex (PEC) in Johor. This cover is structured to support Islamic banks participating in PEC's project financing, underscoring the strong institutional confidence in PEC and its long term strategic value to the region. 'ICIEC's support is a powerful validation of PEC's financial strength and far-reaching development impact. PEC will drive regional industrial growth, create thousands of jobs, and support regional value chains, all while adhering to global standards for sustainable and responsible financing. We are honoured to lead one of Asia's most impactful private-sector led financings,' said ChemOne chief financial officer Mayank Vishnoi. The ICIEC cover is structured under a Murabaha financing facility, providing 90% cover on both principle and profit—significantly de-risking the transaction for participating Islamic banks including National Bank of Kuwait, Qatar National Bank, Al Rajhi Bank Malaysia and Al Rajhi Bank KSA. Al Rajhi Bank KSA plays the role of lead Islamic bank and a coordinator to ICIEC as well as investment agent for the Islamic financing tranche. In addition, the IsDB Group—through IsDB and the Islamic Corporation for the Development of the Private Sector (ICD)—has reinforced its commitment through a direct investment of US$150 million via Istisna-Ijara structures. The IsDB Group's total support for PEC—combining direct investments and credit enhancement—now stands at over US$500 million, marking one of the group's most substantial engagements in Southeast Asia. ICIEC is backed by AA- and Aa3 credit ratings from S&P and Moody's respectively, highlighting its strong financial fundamentals and key multilateral mandate to promote investment within member states. The PEC is envisioned as one of Southeast Asia's most advanced and sustainable energy and petrochemical facilities. Upon completion, the project will significantly boost regional supply capabilities in aromatics, clean fuels, and related products, all while adhering to international environmental, social, and governance (ESG) standards. The strong support from multilateral institutions reflects PEC's strategic role in supporting energy resilience and sustainability. The project is also aligned with Malaysia's ambitions to enhance downstream capabilities and increase the value-add in its hydrocarbon sector. Located in Johor's Pengerang Integrated Petroleum Complex (PIPC) in Johor, PEC is set to be one of the world's largest and most competitive integrated condensate splitter and aromatics facilities. It will utilise UOP Honeywell's latest LD Parex technology to maximise energy efficiency, reduce emissions, and enhance feedstock flexibility, allowing the PEC plant to become one of the most advanced energy and carbon facilities in its class. During construction, PEC will create approximately 7,000 jobs, with 300 operational roles post completion of which 80% of which will be filled by Malaysians. Local SMEs are expected to benefit from US$1.2 billion in contracts in the areas of fabrication, erection, civil work, and bulk supplies. With a projected annual export turnover of US$5 billion, PEC is poised to position PIPC as a regional oil and gas hub and propel Malaysia's position in the regional oil and gas value chain.
Arab News
08-07-2025
- Business
- Arab News
IsDB approves $277m to boost jobs, health care, green transport in member states
JEDDAH: Job creation, better health care, and greener transportation are set to advance in several member countries as the Islamic Development Bank approved $277 million in financing. In its 361st meeting, chaired by President Mohammed bin Sulaiman Al-Jasser, the IsDB approved financing for projects in Mauritania, Cote d'Ivoire, and The Gambia, it said in a statement on July 7. As a leading multilateral development institution in the Islamic world, the IsDB focuses on fostering inclusive economic growth, strengthening human capital, and enhancing infrastructure across its 57 member countries. Through long-term partnerships and targeted investments in key sectors, the bank supports sustainable development and improves the quality of life throughout the Islamic nation. In #Mauritania, #IsDB has approved EUR 26.18 million to expand the National Cardiology Center in #Nouakchott, a vital step to: Reduce premature deaths from cardiovascular diseases & Meeting rising demand for specialized healthcare. Read More: — IsDB Group (@isdb_group) July 7, 2025 The Jeddah-headquartered global funding organization added that this round of development financing highlights its firm commitment to transformative projects that generate tangible impact and advance the UN Sustainable Development Goals. 'The approved financing package spans vital sectors, namely health care, education, and transportation and is focused on addressing urgent development challenges, from improving urban mobility to strengthening public health systems and building human capital,' the statement said. In Mauritania, the IsDB allocated €26.18 million ($30.7 million) to expand the National Cardiology Center in Nouakchott. The initiative aims to enhance the country's capacity to prevent and treat cardiovascular diseases, a leading cause of premature death, and improve access to specialized, life-saving care for thousands of people, the statement added. Côte d'Ivoire will benefit from a major #IsDB investment of EUR 200 million in the Abidjan Urban Mobility Project, a transformative initiative that will: Enhance sustainable transport, Ease congestion, & Improve access to jobs and services. Read More:… — IsDB Group (@isdb_group) July 7, 2025 In Cote d'Ivoire, a €200 million financing package will support the Abidjan Sustainable and Integrated Urban Mobility Project, a major initiative to upgrade the city's public transportation system. The undertaking seeks to enhance access to financial and social opportunities while boosting the efficiency of transit along the Yopougon-Bingerville corridor and its feeder lines in Abidjan, the country's economic capital and largest city. It also aims to reduce congestion, encourage greener transportation, and facilitate easier travel for residents — especially those in underserved areas — to jobs, schools, and essential services. In The Gambia, meanwhile, the bank is investing $32.20 million to help establish the School of Medicine and Allied Health Sciences at the University of The Gambia. With US$ 32.20 million in new financing from #IsDB, The #Gambia is set to launch the School of Medicine and Allied Health Sciences. This project aims to: Train future healthcare professionals, & Expand national research capacity. Read More: — IsDB Group (@isdb_group) July 7, 2025 'This initiative will help address the country's critical shortage of health care professionals by building a pipeline of locally trained doctors, nurses, and public health experts, ultimately improving the quality and resilience of the national health system,' the statement said. In May, the IsDB approved over $1.32 billion in funding for key projects during its 360th board meeting. The funding included a $632 million flood protection dams project in Oman aimed at reducing climate-related risks, a €212 million road rehabilitation initiative in Cameroon to enhance regional connectivity, and major infrastructure improvements in Burkina Faso. Spanning sectors such as health, infrastructure, food security, vocational training and water access, the investments also reflected the bank's comprehensive approach to promoting sustainable development in its member states.
The Star
08-07-2025
- Business
- The Star
ChemOne secures US$350mil Islamic insurance cover from IsDB'S unit
KUALA LUMPUR: ChemOne Group has secured a US$350 million (US$1 = RM4.23) Islamic insurance cover from the Islamic Development Bank (IsDB)'s unit, Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). In a statement today, the Singapore-based petrochemicals, green energy and natural resources conglomerate said the cover is designed to support Islamic banks involved in the project financing of the Pengerang Energy Complex Sdn Bhd (PEC), highlighting strong institutional confidence and the project's long-term strategic value to Johor. The ICIEC cover is structured under a Murabahah financing facility, providing 90 per cent cover on both principal and profit -- significantly de-risking the transaction for participating Islamic banks, including the National Bank of Kuwait, the Qatar National Bank, Al Rajhi Bank Malaysia and Al Rajhi Bank Saudi Arabia. ChemOne chief financial officer Mayank Vishnoi said that ICIEC's support provides a strong validation of PEC's financial strength and its far-reaching development impact. "PEC will drive regional industrial growth, create thousands of jobs and support regional value chains to all while adhering to global standards for sustainable and responsible financing," he said. Additionally, ChemOne said that the IsDB Group, through the IsDB and the Islamic Corporation for the Development of the Private Sector (ICD), has committed a direct investment of US$150 million via the Istisna-Ijara structures. "With this, the IsDB Group's total support for PEC, including both direct investment and credit enhancement, exceeds US$500 million, making it one of the group's most significant engagements in Southeast Asia. "ICIEC's involvement is underpinned by strong financial fundamentals, backed by Standard & Poor's AA- and Moody's Aa3 credit ratings and reflects its core mandate to promote investment across member states," it said. - Bernama
