Incheon, Republic of Korea, 17 July 2024 – The Islamic Development Bank (IsDB) – the AAA rated premier multilateral development bank of the Global South - has been approved as an Accredited Entity by the Green Climate Fund (GCF).

The accreditation, which came during the GCF Board's 39th Board Meeting held in Songdo, Incheon, South Korea, on 16 July 2024, signifies that IsDB meets the standard requirements of GCF, including its specialized fiduciary standard for project management.

The Green Climate Fund (GCF) is considered the world’s largest climate fund and as a key element of the Paris Agreement it is mandated to support developing countries “raise and realize their Nationally Determined Contributions (NDC) ambitions towards low-emissions, climate-resilient pathways.”

On the occasion, Dr. Mansur Muhtar, IsDB Vice President Operations, stated: “This prestigious accreditation is a milestone for the Bank, enabling it to access substantial funds for developing large-scale projects with significant environmental impacts. As an accredited entity of the GCF, we are now in a prime position to lead and support transformative projects that address climate change and promote sustainable development in our 57 member countries and beyond. This achievement enhances IsDB’s ability to mobilize resources for impactful initiatives, as well as solidifying our commitment to environmental stewardship and sustainable growth.”
 

This approval further improves grounds for solidifying IsDB’s global development partnerships and activities as the Bank addresses its member countries' priorities supported by the GCF. Moving forward, IsDB will work closely with the GCF and member countries to identify priority areas of work, focusing on achieving tangible results on the ground.

About Islamic Development Bank (IsDB) Group

Rated AAA by the major rating agencies of the world, the Islamic Development Bank is the pioneering multilateral development bank of the Global South that has been working for 50 years to improve the lives of the communities it serves by delivering impact at scale. The Bank brings together 57 Member Countries across four continents, touching the lives of nearly 1 in 5 of the world population. Its mission is to equip people to drive their own economic and social progress at scale, putting the infrastructure in place enabling them to fulfil their potential. Headquartered in Jeddah, Kingdom of Saudi Arabia, IsDB has regional hubs and centers of excellence in 11 of its Member Countries.  Over the years, the Bank has evolved from a single entity into a group comprising five entities: Islamic Development Bank (IsDB), the Islamic Development Bank Institute (IsDBI) tasked with research and training, 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).