Riyadh, Kingdom of Saudi Arabia, 3 December 2024 – The President of the Islamic Development Bank (IsDB), H.E. Dr. Muhammad Al Jasser, highlighted the Bank’s five-decade commitment to sustainable land management and drought resilience at the Ministerial Finance Dialogue, titled “Unlocking Public and Private Finance for Land Restoration and Drought Resilience,” during UNCCD COP16 in Riyadh, Saudi Arabia.

In his remarks, Dr. Al Jasser referred to soaring global temperatures, deforestation, and ecosystem damage in several parts of the world and urged for adopting a holistic approach that combines finance with knowledge, capacity building, and technical assistance in order to maximize the impact of the relevant investments to combat desertification. “Together, we can build a more resilient and sustainable world,” he said.

Furthermore, the IsDB President explained how the Bank’s support to drought resilience has expanded since the adoption of the UN sustainable Development Goals (SDGs) and the Paris agreement in 2015.

“Since 2019, we have issued over US$ 5 billion in Green and Sustainability Sukuk, mobilizing private capital from global markets to fund projects addressing land degradation, drought, and water scarcity. Furthermore, since 2018, we have allocated over US$ 6 billion in public sector financing to UNCCD-aligned interventions, including large-scale water infrastructure projects, climate-resilient agriculture programs, and soil conservation initiatives,” H.E. Dr. Al Jasser stated.

He also highlighted that as a demonstration of its commitment, IsDB has pledged at least US$ 1 billion to finance drought resilience activities, contributing to the Riyadh Global Drought Resilience Partnership efforts by 2030.

Dr. Al Jasser pointed to the IsDB’s active partnerships, including its collaboration with the UNCCD to advance the concept of Just Land Transition, ensuring that smallholder farmers and land-dependent communities benefit equitably from sustainable land management policies.

He emphasized the importance and urgency of mobilizing more resources and directing them where they are most needed to create a sustainable future for generations to come.