IsDB President: Islamic Development Bank Remains Committed to Supporting Member Countries in MENAP Region
Washington D.C., United States - 23 April 2025 – While in Washington to attend the World Bank and IMF Spring Meetings, President of the Islamic Development Bank (IsDB), H.E. Dr. Muhammad Al Jasser, addressed a high-level meeting convened by IMF Managing Director H.E. Kristalina Georgieva with finance ministers, central bank governors, and heads of regional financial institutions from the Middle East, North Africa, Afghanistan, and Pakistan (MENAP).
In his speech, H.E. Dr. Al Jasser reaffirmed that the Islamic Development Bank (IsDB) remains committed to helping MENAP member countries achieve economic diversification and structural transformation.
Since its inception, the Bank’s net approvals for MENAP have reached US$87.8 billion, representing 45% of all IsDB Group approvals.
He noted that energy, industry, and agriculture account for 80% of these approvals, reflecting the Bank’s strategic focus on addressing critical development needs and enabling long-term transformation.
Dr. Al Jasser highlighted that reducing reliance on hydrocarbons in fuel-exporting economies and mitigating commodity dependence in lower-income countries remain central to IsDB’s strategy. He also underlined the importance of structural reforms and human capital development to boost productivity, drive private sector growth, and enhance regional competitiveness.
He further emphasized that Islamic finance plays a vital role in bridging financing gaps. The Bank has issued over US$52 billion in Sukuk, with more than 50% allocated to investors from the MENAP region to finance sustainable development projects.
He concluded by calling for enhanced institutional capacities and collective action to strengthen economies and deliver people-centered development across the region.
The discussion between IMF Managing Directors and MENAP Ministers of Finance and Central Bank Governors focused on strategies to navigate the heightened uncertainty surrounding the future of the global economy and strengthen the region’s resilience to shocks and to hear from the participants about the reforms they are implementing to enhance productivity and growth.
For more details, please contact:
Ahmad Abu Ghazalah, Senior PR & External Communications Specialist, IsDB