IsDB Group allocates $1.2 billion to support post-pandemic recovery

The Islamic Development Bank (IsDB) Group has announced $1.2 billion in funding commitments as part of its effort to support the post-pandemic economic recovery among its member countries.

The funding commitments, which include about 30 memorandums of understanding and agreements signed between the IsDB Group entities and partner organizations in member countries in Africa and Asia, were signed during the Group's annual meetings in Tashkent.

“I am pleased to announce the signing of about 30 financial agreements totaling $1.2 billion between the IsDB Group and ten member countries, covering operations and projects in various sectors: health (COVID-19 and vaccines), water supply and sanitation, agriculture, transport, energy, food security, Islamic finance, small and medium business,” said IsDB Group Chairman Muhammad Al Jasser following the meeting.

According to him, in four days the parties had meaningful discussions, during which they exchanged a lot of knowledge and experience.

“The COVID-19 pandemic taught us difficult lessons about the fragility of national economies in a globalized world. We are using the opportunity of our annual meetings to ensure that the power of multilateralism can help create stronger, more resilient economies in long term,” said Muhammad Al Jasser.