Riyadh, Kingdom of Saudi Arabia, 2 December 2024 – The first day of the 16th session of the Conference of the Parties of the United Nations Convention to Combat Desertification (UNCCD COP16) in Riyadh, Kingdom of Saudi Arabia, hosted Ministers convening from more than 196 nations plus the European Union from around the world.

The high-profile ministerial session was held under the theme: “From Geneva to Riyadh and beyond, Enhancing Global and National Policy Instruments for a Proactive Drought Management Approach.”

Addressing the event, the President of the Islamic Development Bank, H.E. Dr. Muhammad Al Jasser, announced that the AAA-rated multilateral development bank of the Global South, will allocate at least US$ 1 billion from its project portfolio to explicitly support drought resilience activities by 2030 through the Riyadh Global Drought Resilience Partnership, which was announced at COP16.

He further acknowledged that sustainable development requires integrated approaches that balance immediate economic needs with long-term resilience. “Together, let us strive for a drought-resilient future where justice and equity guide our efforts, ensuring prosperity and sustainability for all,” Dr. Al Jasser reiterated.

Elsewhere in his remarks, the IsDB President explained how the Bank launched a US$ 10.54 billion Foord Security Response Program (FSRP) that aims to sustain food security and irrigation while supporting drought resilience interventions. He also mentioned that IsDB has pioneered in introduction of over US$ 5 billion worth of Green and Sustainability Sukuk (Islamic Bonds) to mobilize private sector financing for green growth.

The sixteenth session of the Conference of the Parties (COP16) of the United Nations Convention to Combat Desertification (UNCCD) is the largest UN conference to date and the first UNCCD COP to convene in the Middle East and North Africa that knows first-hand the impacts of desertification, land degradation, and drought.

The IsDB Group Chairman also underlined that the Bank is fully cognizant of the climate and non-climate shocks, drought in particular, which can significantly worsen poverty and fragility as hundreds of millions of people around the world are facing life-altering risks from critical climate hazards including drought.

Drought remains an ever-present challenge for many of IsDB Group member countries as out of the ten countries most exposed to drought in 2024, six are IsDB member countries, namely: Somalia, Afghanistan, Djibouti, Syria, Tajikistan, and Iraq.