Latest news with #IslamicDevelopmentBank
Business Recorder
6 days ago
- Business
- Business Recorder
NA body informed: Govt decides to launch M-6 project on a priority basis
ISLAMABAD: The National Assembly Standing Committee on Economic Affairs was informed on Tuesday that government has decided to launch the Motorway (M6) on a priority basis in the development programme of the next fiscal year. Officials from the Ministry of Economic Affairs informed the committee that the ministry had proposed foreign financing of Rs500 billion. The ministry estimates that a rupee cover will be required for financing of Rs400 billion. The meeting of the Standing Committee was held under the chairmanship of Atif Khan, which was informed that negotiations are underway with the Islamic Development Bank and the Saudi Fund for financing the motorway. Secretary Economic Affairs Division Dr Kazim Niaz said that launching the M6 Motorway is currently the government's top priority. The Islamic Development Bank will provide $500 million for two sections of the M6 Motorway. Talks are being held with the OPEC Fund and the Saudi Fund for Development for other sections. Talks are also being held with the Asian Development Bank (ADB). It is hoped that the Saudi Fund for Development will take up one section. Committee member Mirza Ikhtiar Baig said that the development of Karachi and Sindh depends on these two projects. The real purpose of building the motorway will be fulfilled by connecting the motorway with the port. The secretary Economic Affairs Division said that a new Country Partnership Strategy is being prepared with the Asian Development Bank. The committee was informed that important projects will be completed in the next fiscal year to improve the electricity transmission system. The committee was also informed that $460 million financing was available for Khyber Pakhtunkhwa Economic Corridor. The provincial government has to take several steps to get funding from the World Bank. This is an important project, the provincial government should resolve all issues quickly, secretary Economic Affairs Division added. In the last three years, short-term debt has been reduced and long-term debt has increased, he added. As the country's economic situation has improved, it has also become easier to obtain loans and set terms. Commercial loans are available for short periods and at high interest rates. In the last three years, the debt-to-GDP ratio has decreased to 67 percent, the secretary EAD added. The committee postponed the briefing on development projects in the absence of the planning minister and planning secretary. The Power Division has 82 development projects, said Special Secretary Power Division Arshad Majeed. Of these, 77 percent of the financing is allocated for transmission projects. Most of the projects of the Power Division are being carried out by NTDC, said Majeed. We thought that power generation would increase, said NTDC officials, adding that due to solarisation, the demand for power has decreased in the last five years. Copyright Business Recorder, 2025
Zawya
7 days ago
- Business
- Zawya
IsDB approves $200mln to support food security in Jordan
AMMAN — Chairman of Islamic Development Bank (IsDB) Group Muhammad Al Jasser said that the group agreed during the "Governors' Dialogue" meeting to provide $200 million to support food security programmes in Jordan during this year. Jasser said that the bank's team has engaged in technical studies for the national carrier project, which the government is conducting with the aim of financing the project, pointing out that the bank will study its suitability for its work mechanism, according to Al Mamlaka TV. He pointed out that the IsDB recognises the great pressures on food and water security in Jordan due to the large numbers of refugees, noting that this sector is one of the priorities focused on by the bank for Jordan and member countries. The Kingdom participated in the group's annual meetings held in Algiers earlier this week under the theme "Diversifying the Economy, Enriching Life", during which participants discussed economic challenges of member states, mechanisms to empower the private sector and support for innovation. Between 1975 and 2024, IsDB provided soft financing, loans and grants worth $1.3 billion, which contributed to implementing several development and economic projects. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Egypt Independent
26-05-2025
- Business
- Egypt Independent
Planning Minister says IsDB's new strategy approved at critical timing
Egyptian Minister of Planning, Economic Development and International Cooperation, and Egypt's Governor to the Islamic Development Bank (IsDB) Group, Rania Mashat said the bank's 2026-2035 development strategy has been passed at an important timing regionally and internationally. The minister's remarks came during her participation in the IsDB Group's 2025 Annual Meetings, held from May 19 to 22, in the Algerian capital Algiers under the theme 'Diversifying Economies, Enriching Lives.' Mashat voiced keenness on developing broader cooperation between Egypt and the bank to propel economic development efforts, increase human capital investments, and provide more funding tools to serve both local and foreign private sectors in Egypt. 'Egypt works on making use of the bank's new strategy to open new horizons of cooperation on supporting the private sector and financing projects of infrastructure, education, digital transition, renewable energy and adaptation to climate change,' the minister added.
Zawya
26-05-2025
- Business
- Zawya
ICIEC achieved $13bln in business insured in 2024
ALGIERS: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, today announced that its Board of Governors has formally approved the Annual Report and Audited Financial Statements for the year 2024 during the IsDB Group's 2025 Annual Meetings in Algiers. The 2024 report highlights that ICIEC has achieved US$ 13 billion in business insured in the year 2024, bringing the cumulative business Insured since inception to US$ 121 billion, of which US$ 96 billion is in export credit and US$ 25 billion in investment. The Corporation facilitated US$ 57 billion in intra-OIC trade and investment transactions and advanced its Third General Capital Increase to significantly enhance underwriting capacity and reinforce long-term financial stability. Under the IsDB Group Food Security Response Programme (FSRP), ICIEC approved over US$ 1 billion in food-related transactions to support Member States impacted by global food crises. In line with its climate commitment, the Board of Directors approved a dedicated Climate Change Policy, and 13% of 2024 business insured was allocated to climate-related initiatives. ICIEC's financial resilience was evident in its US$ 24.9 million net result—a 4% improvement year-on-year—and its seventh consecutive year of technical surplus. Moody's maintained ICIEC's rating of Aa3 for the 17th consecutive year and S&P Global Ratings assigned ICIEC a first-time rating of AA- with a stable outlook. '2024 was a testament to our unwavering commitment to support Member States through innovative, Shariah-compliant solutions,' said Dr. Khalid Khalafalla, CEO of ICIEC. 'Insuring US$ 13 billion in business last year and achieving a seventh consecutive year of technical surplus reflects our strong ability to navigate complex markets and deliver tangible value. Looking ahead, we remain committed to expanding our capacity to de-risk trade and investment, driving sustainable growth across our member countries.'
Zawya
25-05-2025
- Business
- Zawya
ICIEC Board of Governors approves 2024 Annual Report and audited financial statements
Algiers, Algeria – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, today announced that its Board of Governors has formally approved the Annual Report and Audited Financial Statements for the year 2024 during the IsDB Group's 2025 Annual Meetings in Algiers. The 2024 report highlights that ICIEC has achieved USD 13 billion in business insured in the year 2024, bringing the cumulative Business Insured since inception to USD 121 billion, of which USD 96 billion is in export credit and USD 25 billion in investment. The Corporation facilitated USD 57 billion in intra-OIC trade and investment transactions and advanced its Third General Capital Increase to significantly enhance underwriting capacity and reinforce long-term financial stability. To drive operational excellence, ICIEC refined its pricing framework and enhanced economic capital models, ensuring more sustainable, risk-adjusted growth. Strategic partnerships were deepened with development partners and the private sector to unlock critical capital flows in food security and infrastructure projects. The inclusion of the Togolese Republic as the 50th Member State further broadened ICIEC's reach and bespoke insurance solutons to promote economic development across West Africa. Under the IsDB Group Food Security Response Program (FSRP), ICIEC approved over USD 1 billion in food-related transactions to support Member States impacted by global food crises. In line with its climate commitment, the Board of Directors approved a dedicated Climate Change Policy, and 13% of 2024 Business Insured was allocated to climate-related initiatives. ICIEC's financial resilience was evident in its USD 24.9 million net result—a 4% improvement year-on-year—and its seventh consecutive year of technical surplus. Moody's maintained ICIEC's rating of Aa3 for the 17th consecutive year and S&P Global Ratings assigned ICIEC a first-time rating of AA- with a stable outlook. ' 2024 was a testament to our unwavering commitment to support Member States through innovative, Shariah-compliant solutions,' said Dr. Khalid Khalafalla, CEO of ICIEC. 'Insuring USD 13 billion in business last year and achieving a seventh consecutive year of technical surplus reflects our strong ability to navigate complex markets and deliver tangible value. Looking ahead, we remain committed to expanding our capacity to de-risk trade and investment, driving sustainable growth across our member countries.' About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 17th consecutive year, maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, ICIEC has been assigned a First-Time 'AA-' long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors - energy, manufacturing, infrastructure, healthcare, and agriculture. For more information; visit: , follow us on: X | Facebook | LinkedIn | YouTube | Instagram Email: ICIEC-Communication@
