Vienna, Austria, 25 June 2024 – The President and Group Chairman of the  Islamic Development Bank (IsDB), H.E. Dr. Muhammad Al Jasser, has advocated for targeted investments in infrastructure to drive innovation, resilience, and sustainability.

The IsDB President made the call in Vienna, Austria, where he is  attending  the meeting of the Heads of Arab Coordination Group (ACG) Institutions and the OPEC Fund Development Forum, from 23-26 June 2024.

In his keynote speech, on Tuesday, to a session of the OPEC Fund Development Forum under the theme “Infrastructure: The Key to sustainable Development,” Dr. Al Jasser stressed the  significance of  strengthening cooperation and forging robust partnerships to advance sustainable development in member countries and around the globe.

Highlighting IsDB Group’s financing contributions in various sectors in the past 50 years, Dr. Al Jasser underlined that that the Bank, through targeted investments in infrastructure projects not only bridges infrastructure deficits, but also drives innovation, resilience, and sustainability.

Moreover, he asserted that harnessing the transformative potential of infrastructure to bridge the digital divide and connect communities to the global economy tops IsDB Group’s list of sustainable development priorities.

Since its inception half a century ago, the IsDB Group has approved over US$182 billion in financing for more than 12,000 development projects. Notably, 70% of this funding —approximately US$124 billion— has been allocated to over 5,000 infrastructure projects across the sectors of energy, transportation, information and communication technology, industry, and water and sanitation. 

The IsDB Group Chairman stated further: “Infrastructure is not just about physical construction; it is about building connectivity, opening-up opportunities, empowering individuals, fostering inclusiveness, and developing strong regulatory frameworks for the various sectors.”

Enumerating some of the milestones of IsDB Group’s investments in infrastructure in its member countries and beyond, Dr. Al Jasser stated: “Investing in sustainable infrastructure is crucial for meeting global climate goals and ensuring the long-term viability of our planet. Our infrastructure investments should minimize environmental damage and promote resilience to climate change.”

The OPEC Fund Development Forum provides development partners from around the world with a unique opportunity to exchange views and deliver concrete results. Expanding on the overarching theme of “Driving Resilience & Equity,” the conference brings together leading policymakers, representatives of international institutions, investors and thought leaders. 

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).

Contact:

Ahmad Abu Ghazaleh, Senior PR and External Communications Specialist

AGhazaleh@isdb.org

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