Jeddah, Kingdom of Saudi Arabia – 23 April 2024 – The Islamic Development Bank (IsDB), a leading AAA-rated multilateral development bank for the Global South, has taken a significant step towards enhanced transparency by joining the International Aid Transparency Initiative (IATI).

In a move that underscores its commitment to open access to information, the IsDB has become a member of IATI, a global coalition dedicated to improving transparency in development and humanitarian aid. This initiative brings together governments, institutions, and NGOs to ensure everyone has a clear view of how development resources are being used.

Since its founding in 1976, IsDB has played a vital role in supporting development across its 57 member countries. With over US$ 180 billion approved in financing, the Bank has fostered socio-economic progress in various regions.

Demonstrating its commitment to transparency, IsDB has published extensive project data (2000-2022) on the IATI platform. This comprehensive dataset provides a clear view of the Bank’s interventions in diverse sectors and its unwavering dedication to sustainable development.

“Building on our existing commitment to transparency through publications and social media channels, IsDB is pleased to further expand access to its information by sharing project data on the IATI platform,” declared Dr. Muhammad Al Jasser, IsDB President. “This data allows stakeholders to see firsthand the impact of our investments and the positive change we’re driving across the developing world,” he added.

IATI has celebrated IsDB’s focus on openness and transparency. Henry Asor Nkang, Chair of the IATI Governing Board, welcomed IsDB as a member of IATI. “IsDB’s dedication to transparency is showcased by its publication of a remarkable wealth of data spanning over two decades,” he indicated. “By publishing resource flow data, both past and present, IsDB will promote greater cooperation and informed decision-making, ultimately leading to more impactful interventions and outcomes,” added Mr. Nkang.

IsDB Group Chief Economist Dr. Areef Suleman highlighted the importance of building trust with a broader audience. “Our membership in IATI isn’t just about data – it’s about fostering deeper understanding,” he explained. “By making our work more transparent, we allow everyone, from development experts to the general public, to see how IsDB is making a difference.”

By joining IATI and publishing project data, IsDB strengthens its position as a leader in driving sustainable development and fostering trust with its partners. This commitment to transparency will ensure continued effectiveness in supporting the socio-economic progress of the Bank’s member countries.

About IsDB

The IsDB is a multilateral development bank that aims to foster socio-economic progress in its member countries and Muslim communities worldwide. Guided by the principles of Islamic finance, the IsDB provides financial assistance, technical expertise, and capacity-building initiatives to support sustainable development and improve the quality of life for people in its member countries. With 57 member countries, the IsDB is committed to addressing development challenges and promoting collaboration to achieve the United Nations Sustainable Development Goals (SDGs). For more information, please visit (www.isdb.org)

About the International Aid Transparency Initiative (IATI)

IATI is a global initiative to improve the transparency of development and humanitarian resources and results in the following ways:

● IATI offers access to data on international resource flows from over 1600 organizations, including bilateral and multilateral donors, development finance institutions (DFIs), NGOs, and private sector organizations;

● IATI data is open and accessible to anyone in the world. For example, search the data on IATI’s Country Development Finance Data tool;

● Governments are increasingly using IATI to track resource flows into their countries. The data is being used in development cooperation reports and national budget planning and to supplement data in national aid information management systems (AIMS);

● IATI data includes an organization’s past development spending and future budgets. A broad range of useful data on development and humanitarian activities is also published, including the location(s) and sector(s) of projects and the results achieved.