Riyadh, Kingdom of Saudi Arabia, 28 April 2024 - The Islamic Development Bank (IsDB) is leading calls to reform the global financial system to increase the success rate of Sustainable Development Goals (SDGs).

IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser is calling for a more robust structure to deal with the “immense challenges and inequalities that persist.”

He was addressing participants at a high-profile forum in Riyadh, Kingdom of Saudi Arabia themed: “Midway Momentum: Cherishing IsDB at 50; Charting a Course for Augmenting SDGs Financing”, during the 2024 IsDB Group Annual Meeting and the Bank’s 50^th Anniversary Golden Jubilee.

In his speech, Dr. Al Jasser reiterated that IsDB Group was already making significant strides to bring about this shift – agreeing on a reform agenda with fellow multilateral development banks (MDBs).

He added that the Bank has a unique expertise in “prioritizing not just financial returns but the holistic well-being of individuals and our planet.”

“Our goal is to promote Islamic finance as a viable, effective solution for addressing the most pressing development challenges, not only in our Member Countries, but also across the globe,” the IsDB Group Chairman asserted adding: “We must collectively work towards a global financial system that fosters a more inclusive, equitable and sustainable future.”

Climate change, the recent COVID-19 pandemic and ongoing conflicts continue to threaten the achievement of SDGs but President Al Jasser struck a determined tone: “The task ahead is daunting but it is within our collective power to chart a course towards a more sustainable, inclusive and prosperous future for all.”

Moderated by Dr. Rami Ahmad, Senior Advisor to the President, IsDB, the high-profile event saw interventions by other panelists namely:

• H.E. Dr. Akinwumi Adesina, President of African Development Bank (AfDB)
• H.E. Dr. Hala El-Said Minister of Planning and Economic Development of Egypt
• H.E. Dr. Sri Muliani Indrawati, Minister of Finance of Indonesia
• H.E. Dr. Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization
• Dr. Mahmoud Mohieldin, UN S.G. Envoy on Financing the 2030 Agenda
• Abdallah Aldardari, Assistant S.G., Assistant UNDP

H.E. Akinwumi Adesina, in his speech echoed similar sentiments, calling for a new path to be set for SDGs success.

The AfDB President cautioned that climate change, food security, energy supplies and access to health security would pose significant challenges but laid out some pioneering solutions which would improve the lives of millions across the continent:

• Climate resilient crops, which could benefit up to 13 million farmers,
• A US$20 billion solar energy zone straddling 11 countries in the Sahel which would provide power to 250 million people,
• A US$6 billion investment to develop healthcare infrastructure and the pharmaceutical industry to improve access to vaccines.

He also underlined the vital role MDBs play in supporting low-income countries, which “need grants not loans” to be able to move forward while concluding his speech with a call to reduce the debt burden on many African countries, which spend more on “servicing debt than on servicing people”.