Bank provides $87.8 billion in support to member countries in Middle East, North Africa, Afghanistan, and Pakistan
Dr. Mohamed Al Jasser, President of the Islamic Development Bank, confirmed that the Bank’s net approvals for the Middle East, North Africa, Afghanistan, and Pakistan have reached $87.8 billion, representing 45% of the total approvals of the Islamic Development Bank Group. Speaking at a high-level meeting hosted by the Managing Director of the International Monetary Fund, Kristalina Georgieva, with finance ministers, central bank governors, and heads of financial institutions from the MENAP region on the sidelines of the World Bank and IMF Spring Meetings in Washington, Al Jasser emphasized that the energy, industry, and agriculture sectors account for 80% of these approvals, reflecting the Bank’s strategic focus on meeting critical development needs and enabling long-term transformation.
Al Jasser pointed out that reducing reliance on hydrocarbons in fuel-exporting economies and easing dependence on basic commodities in low-income countries remain central to the Islamic Development Bank’s strategy, emphasizing the importance of structural reforms and human capital development to enhance productivity, drive private sector growth, and boost regional competitiveness. He noted that Islamic finance plays a vital role in bridging financing gaps, with the Bank issuing sukuks worth over $52 billion, more than 50% of which have been allocated to investors from the MENAP region to finance sustainable development projects.
He called for enhancing institutional capacities and collaborative efforts to strengthen economies and achieve human-centric development throughout the region. Discussions between the Managing Directors of the International Monetary Fund, finance ministers, and central bank governors of the MENAP region focused on strategies to deal with increasing economic uncertainty surrounding the global economy’s future, enhancing the region’s resilience to shocks, and listening to participants about the reforms they are implementing to enhance productivity and growth.
