Kuwait City: President of the Islamic Development Bank (IsDB), Mohammad bin Suleiman Al-Jaser, announced on Tuesday the bank’s substantial financial commitment since its inception in 1999. The IsDB has funded over 675 projects across 50 countries, with a total investment exceeding USD 7.5 billion. This funding has been allocated to critical sectors, including energy, industries, and agriculture, underscoring the bank’s commitment to fostering economic development across its member states.
According to Kuwait News Agency, Al-Jaser highlighted the pivotal role of the Islamic Investment Insurance and Export Credit (ICIEC) foundation during his address at the Private Sector Forum, a segment of the ongoing IsDB meetings. Since 1994, ICIEC has provided insurance coverage valued at more than USD 121 billion, significantly encouraging strategic investments in infrastructure, health care, industries, and agriculture.
Al-Jaser further elaborated on the efforts of the IsDB-affiliated Islamic Corporation for the Development of the Private Sector (ICD). Since its establishment in 1999, the ICD has financed over 575 projects in 50 countries, mirroring the bank’s investment focus on energy, industries, and agriculture. Additionally, the Islamic foundation for funding trade has allocated financial resources exceeding USD 83 billion since its founding in 2008. Of this, USD 1.2 billion has been specifically earmarked for the private sector, demonstrating a targeted approach to stimulating economic growth within member states.