Latest news with #IslamicDevelopmentBankGroup
Observer
21-05-2025
- Business
- Observer
RO 243m pacts to finance flood protection dams
The Sultanate of Oman signed a number of agreements with the Islamic Development Bank Group (IsDB) worth RO 243 million to finance the construction of flood protection dams, on Wednesday. The agreements were signed on the sidelines of the 50th Annual Meeting of the Board of Governors of the Islamic Development Bank (IsDB) Group, held in Algiers. The agreements were signed by Sultan bin Salim al Habsi, Minister of Finance, and Dr Mohammed bin Sulaiman al Jasser, Chairman of the Islamic Development Bank Group. The minister also signed a framework memorandum to enhance strategic cooperation and economic integration with the IsDB Group and member states. The memorandum covers several areas of cooperation including infrastructure development and support for the private sector and other sectors such as roads, electricity, water, sanitation, tourism, manufacturing industries, industrial zones in addition to developing human and institutional capacities.
Observer
21-05-2025
- Business
- Observer
What Islamic finance brings to climate resilience
As ministers representing the 57 member countries of the Islamic Development Bank Group gather in Algiers for the IsDB's 51st annual meeting, the devastating effects of climate change are impossible to ignore. Wildfires consuming entire communities, floods displacing millions of people, and heat waves claiming hundreds of thousands of lives. Such extreme weather events are no longer anomalies; they are the new normal, threatening lives and livelihoods in the world's most climate-vulnerable regions – especially in the Global South. With traditional responses proving inadequate to this escalating threat, innovative finance must take centre stage. According to the Intergovernmental Panel on Climate Change, as many as 3.6 billion people currently live in regions that are highly vulnerable to climate change. Between 2010 and 2020, deaths caused by floods, droughts, and storms in those areas were 15 times more frequent than in low-vulnerability regions, underscoring the severe and unequal toll of the climate crisis. Conventional wisdom holds that for resource-dependent economies, climate action is a matter of economic survival, while for developing economies, it offers a pathway to sustainable growth and development. But many economies fall into both categories – developing and resource-dependent – compounding the challenge of designing and implementing effective climate strategies. Climate action is a matter of economic survival, while for developing economies. While a comprehensive strategy for building climate resilience is essential to strengthening developing economies' ability to withstand shocks, resilience and adaptation must go hand in hand. For vulnerable countries, this may involve reinforcing infrastructure to protect against flooding, investing in drought-resistant crops, and diversifying income sources to reduce dependence on climate-sensitive sectors. But conventional modes of resilience financing remain constrained, both in terms of sources and delivery mechanisms. As a result, vital social safeguards and support systems are often underfunded or insufficient. The problem is made worse by growing uncertainty over the availability of concessional financing from developed countries. Given this reality, financial innovation must become a central pillar of climate resilience. To that end, financial institutions, governments, and other stakeholders must work together to develop new financing mechanisms aimed at protecting climate-vulnerable regions. Encouragingly, several innovative financing funds and mechanisms have emerged to support resilience and adaptation efforts. These include the Green Climate Fund, which provides financial assistance to developing countries; the Climate Bonds Initiative, which promotes the growth of the climate bond market; climate insurance, which helps manage and reduce climate-related risks; community-based adaptation, which enables local communities to design and implement their own adaptation strategies; and nature-based solutions, which focus on restoring and protecting natural ecosystems. Even so, such financing falls far short of demand. Multilateral development banks play a pivotal role in delivering the financing necessary for vulnerable countries to reduce emissions and invest in adaptation projects. According to the most recent Joint Report on Multilateral Development Banks' Climate Finance, MDBs provided a record $125 billion in public climate finance in 2023. Notably, 60 per cent of that total – $74.7 billion – was directed to low- and middle-income countries, highlighting MDBs' commitment to supporting those most exposed to climate risks. The IsDB is a notable example. In November 2024, the IsDB approved $1.15 billion in financing to bolster food and water security in Kazakhstan by sustainably irrigating 350,000 hectares of land. The project aims to boost average crop yields by 30 per cent, thereby strengthening community resilience to climate-related disasters and improving the economic well-being of 1.3 million vulnerable people. Like other MDBs, the IsDB is grappling with the challenge of strengthening climate resilience across its 57 member countries, more than half of which are more vulnerable to climate change than the global average. Addressing such vulnerabilities requires an estimated $75-90 billion annually through 2030 for sustainable agriculture, water, and infrastructure projects. Adaptation-related financial flows to these countries average $23.9 billion per year, leaving a 68 per cent funding gap that the IsDB is actively working to close. The growing supply of adaptation financing illustrates MDBs' indispensable contribution to global climate efforts. But success should not be measured only by the amount of money disbursed; instead, it must be judged by tangible, real-world outcomes. While climate finance is growing, its effectiveness hinges on rigorous monitoring and impact assessment. Establishing robust reporting frameworks is therefore critical to building stakeholders' confidence and channelling more financing toward adaptation projects. To enhance their impact, MDBs should also adopt targeted results-based and policy-based financing models. Beyond bolstering borrowers' institutional capacity and expanding targeted financing, MDBs also have an opportunity to boost resource mobilisation by attracting capital from non-conventional sources. The IsDB's sustainability framework is a prime example. Under this scheme, the IsDB has mobilised more than $6 billion by issuing Islamic bonds (Sukuk), attracting both Muslim and non-Muslim investors. Rooted in asset-backing and risk-sharing, Islamic finance is inherently aligned with sustainability principles. In recent years, instruments like cooperative insurance (takaful), charitable endowments (waqf), and faith-based crowdfunding platforms have emerged as alternative sources of climate financing across the Muslim world. Recognising the need for targeted climate-funding solutions, the IsDB has actively promoted and supported these mechanisms. By tapping into the $4.5 trillion Islamic finance industry and adopting its asset-backed, risk-sharing model, other MDBs could expand and diversify their funding sources, enabling them to support adaptation and mitigation initiatives in the world's most vulnerable regions. But the time for pilot projects and piecemeal interventions is over. To build a sustainable, climate-resilient future, MDBs must urgently scale high-impact solutions, embrace financial innovation, and foster global cooperation. Drawing on more than a half-century of experience, the IsDB is ready to do its part. @Project Syndicate, 2025
See - Sada Elbalad
20-05-2025
- Business
- See - Sada Elbalad
Al-Mashat Arrives in Algeria For Islamic Development Bank Group Annual Meetings
Rana Atef Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Egypt's Governor at the Islamic Development Bank Group, arrived in Algeria for the 2025 Annual Meetings of the Bank Group, held from May 19 to 22, 2025, under the theme: 'Diversifying Economies, Enriching Lives', with the wide participation of Ministers of Finance, Economy, Planning, and International Development of the 57 member countries. This is in addition to leaders of global financial institutions, development partners, decision-makers, and representatives of the private sector, featuring strategic discussions aimed at proposing sustainable solutions to the social and economic challenges facing the member countries of the Bank Group, as well as contributing to supporting development and prosperity on a global level. Dr. Rania Al-Mashat's participation agenda includes a wide range of events, including a high-level roundtable on operationalizing the 'Riyadh Global Drought Resilience Partnership', and a panel discussion on accelerating progress towards the SDGs in the middle-income countries of the Islamic Development Bank. In addition, several bilateral meetings are scheduled, including a meeting with Dr. Abdullah Al-Dardari, UN Assistant Secretary-General and Director of the UNDP Regional Bureau for Arab States,, a meeting with Mr. Álvaro Lario, President of the International Fund for Agricultural Development (IFAD), and a meeting with Eng. Adeeb Y. Al Aama, CEO of the International Islamic Trade Finance Corporation (ITFC). The current session of the Islamic Development Bank Group's annual meetings addresses pivotal issues such as economic diversification, strengthening economic resilience, and supporting innovation as a key driver of development, alongside reviewing successful development initiatives and institutional achievements that reflect the progress made by member countries. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
El Chorouk
14-05-2025
- Business
- El Chorouk
2000 Participants to Attend the 2025 ISDB Group Meetings in Algeria
The Islamic Development Bank Group's 2025 Annual Meetings, to be held in Algiers, provide a dialogue platform to enhance South-South cooperation and support member countries. Through this event, Algeria reiterates its commitment to strengthening South-South cooperation by sharing a common vision with the Islamic Development Bank Group based on the principle of 'development solidarity' to support member countries seeking to achieve more sustainable and resilient growth. The annual meetings will be hosted at the Abdelatif Rahal International Conference Centre and organised under the high patronage of President Abdelmadjid Tebboune, to explore avenues of cooperation between member states and development partners, including governments, the private sector, and civil society. The importance of these meetings extends beyond the formal aspect. They also include specialised forums, such as the Private Sector Forum, roundtables, and knowledge-sharing sessions that will focus on key issues such as economic diversification, enhancing economic resilience, and supporting innovation as a key engine of development. The Islamic Development Bank Group's Annual Meetings, held this year under the theme 'Economic Diversification, Enriching Lives', provide a high-level dialogue platform for enhancing development cooperation and sharing expertise. The meetings will bring together the Islamic Development Bank's Board of Governors, comprising 57 member countries, to discuss ways to promote inclusive and sustainable development and address common economic challenges. These meetings will provide an opportunity to strengthen partnerships and present innovative solutions to advance sustainable development in member states. They will also enable them to work together to address pressing challenges and explore new horizons that serve their societies and achieve shared development. In addition to the dialogue sessions and high-level discussions, an area will be dedicated to exhibitions and networking opportunities, showcasing successful development initiatives and institutional achievements that reflect the progress achieved by member states. The 2025 IsDB Group Annual Meetings will bring together over 100 speakers, 2000 participants, and more than 40 working sessions and bilateral meetings related to the world of entrepreneurship and business, and will be a unique opportunity to strengthen ties between member states, foster a spirit of cooperation and innovation, and renew a shared commitment to advancing development and prosperity for all. It should be noted that the Islamic Development Bank is a multilateral development bank that supports the economic development and social progress of the peoples of its member countries and Muslim communities in non-member countries, following the principles of Islamic Sharia. It also works to build partnerships between the public, private, and civil society sectors. The bank also aims to add value to the economies and societies of developing countries by enhancing skills and knowledge exchange, as well as focusing on science, technology, and innovation to find solutions to the world's greatest development challenges, by enhancing communication and financing, and by focusing on the United Nations Sustainable Development Goals.
Zawya
30-04-2025
- Business
- Zawya
The Algerian Chamber of Commerce and Industry (CACI) and the Islamic Bank Group organize a forum to introduce financing services in preparation for the 2025 Annual Meetings
The institutions of the Islamic Development Bank (IsDB) ( the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC) in collaboration with the Algerian Chamber of Commerce and Industry and the IsDB Group Business Forum "Thiqah," organized the "Islamic Development Bank Group Services Forum " on Tuesday, April 29, 2025, at the Chamber's headquarters in Algiers. The event coincides with preparations for the IsDB Group Annual Meetings, scheduled to take place from May 19 to 22, 2025, under the high patronage of His Excellency Mister Abdelmadjid Tebboune, President of the People's Democratic Republic of Algeria. Bringing together a diverse range of stakeholders, the forum aimed to showcase the Group's services, activities, and initiatives across member countries, with a particular focus on Algeria. It highlighted the Group's ongoing support for private sector development and its efforts to stimulate promising investments in the Algerian market. The forum's program included panel discussions and specialized deliberations on ways to enhance economic partnerships and the role played by the Group's institutions in supporting the needs of member countries. Financial tools were presented, such as financing lines, trade finance and development, private sector financing, as well as investment insurance and export credit services. The forum attracted significant participation, drawing senior business leaders, CEOs from the private sector, and representatives of chambers of commerce, industry and investment organizations as well as trade promotion agencies. In his opening speech, Mr. Nazeem Noordali, Chief Operating Officer of ITFC and head of the Islamic Development Bank Group delegation, welcomed the participants, emphasizing the importance of holding this forum in preparation for the Group's 50th Annual Meetings. In his statement, he said: "Through this forum, we affirm the Islamic Development Bank Group's commitment to supporting private sector growth and sustainable economic development in our member countries. We are here to strengthen strategic partnerships, present integrated financial and investment solutions, and open new horizons for cooperation. The upcoming Annual Meetings and Private Sector Forum in Algeria will provide a unique platform to showcase investment opportunities, enhance economic cooperation, and lay the foundations for future prosperity." Mr. Noordali concluded his speech by expressing sincere thanks to the Algerian authorities and all participants for their constructive engagement, affirming that the Islamic Development Bank Group remains committed to empowering companies, promoting inclusive growth, and achieving shared prosperity in the region. Mr. Chekib Ismail Kouidri, Director-General of the Algerian Chamber of Commerce and Industry, stated: "We take great pride in this meeting, especially as Algeria is one of the founding countries of the Islamic Development Bank (IsDB) and one of its key supporters, having maintained strong ties with the institution since joining its membership in 1975." He added: "This robust partnership motivates us to continue advancing economic development and capitalizing on the opportunities available between Algeria, the Islamic Development Bank Group, and its member states." Distributed by APO Group on behalf of Islamic Development Bank Group (IsDB Group). Contact: ICIEC: Website: ICD: Website: ITFC: Tel: +966 12 646 8337 Fax: +966 12 637 1064 E-mail: ITFC@ THIQAH: Email: THIQAH@ Social Media: ICIEC: Twitter (X): @ ICIEC_IDB LinkedIn: ICIEC Facebook: @ YouTube: ICD: Twitter: @ ICD_PS LinkedIn: ICDPS Facebook: @ icdps YouTube: ICDPS ITFC: Twitter: @ ITFCCORP Facebook: @ ITFCCORP Linkedin: International Islamic Trade Finance Corporation (ITFC) THIQAH: Twitter: @ IDBGTHIQAH Facebook: @ IDBGTHIQAH LinkedIn: IsDB Group Business Forum - THIQAH About the Algerian Chamber of Commerce and Industry: The Algerian Chamber of Commerce and Industry (CACI) is an institution that represents the interests of businesses in Algeria. It plays a key role in promoting and developing the national economy by providing services and support to companies across various sectors. These services include administrative and legal assistance, access to economic databases, as well as mediation and arbitration. The Chamber of Commerce and Industry is tasked with providing public authorities, upon request or on its own initiative, with opinions, suggestions, and recommendations on matters and concerns that directly or indirectly affect the trade, industry, and service sectors at the national level. About Islamic Development Bank (IsDB): The Islamic Development Bank is a multilateral development bank that works to improve the lives of those it serves by promoting social and economic development in Muslim countries and communities around the world and making a difference at scale. Through collaborative partnerships between communities in its 57 member countries, the Bank seeks to equip communities to drive their own economic and social progress at scale, and put the infrastructure in place to enable them to realize their potential. The Bank's new business model of 'making markets work for development' contributes to enhancing the competitiveness of our member countries in strategic industries in order to improve participation and upgrading in global value chains. This is in the field of food and agricultural industries, textiles, clothing, leather, shoes, petrochemicals and petroleum, construction, and Islamic finance. The Bank also promotes innovative and sustainable solutions to the biggest development challenges in the world, and takes advantage of the scientific potential in technology and innovation as strategic drivers of economic growth, and we also work to achieve the United Nations sustainable development goals. About 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 uniquely 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 49 Member States, including Documentary Credit Insurance Cover, Credit Insurance Cover, Bank Master Policy, Non-Honouring of Sovereign Financial Obligations, and Investment Insurance Products. ICIEC, for the 16 th 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. ICIEC also has achieved a significant milestone by attaining an "AA-" long-term issuer credit and financial strength rating from Standard E Poor's (SEP), with a stable outlook and the highest within its peer group globally. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 108bn in trade and investment. ICIEC activities are directed to specific sectors - energy, manufacturing, infrastructure, healthcare, and agriculture. About the Islamic Corporation for the Development of the Private Sector (ICD): The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization affiliated with the Islamic Development Bank (IsDB). It supports the economic development of its member countries by providing financial assistance to private sector projects in accordance with the principles of Shari'ah. It also mobilizes additional resources for projects and encourages the development of Islamic finance. ICD's operations complement the activities of IsDB in member countries and also those of national financial institutions. ICD has 55 member countries and five public financial institutions as its shareholders and has an authorized capital of USD 4 billion. About the International Trade Finance Corporation (ITFC): The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$69 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries' needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market. About the Islamic Development Bank Group Business Forum (THIQAH): The Islamic Development Bank Group Business Forum (THIQAH) is the window of the IsDB Group that facilitate contact and coordination between entities concerned of the IsDB Group and private sector firms and related institutions in IsDB Group member countries. The main objective of THIQAH is to establish a unique platform for effective dialogue, cooperation and inclusive partnership for business leaders committed to partnering in promising investment opportunities. Through facilitation and catalyst roles, THIQAH will be leveraging IsDB Group's resources to offer necessary services and confidence to investors and to establish strategic partnerships with the leaders of the private sector. The primary focus will be on maximizing cross-border investment among member countries to be supported by IsDB Group's financial products and services. (
