Kuwait makes effective contributions to Islamic Development Bank (IsDB)

News report by Fawaz Esmairan JEDDAH, Dec 8 (KUNA) -- The State of Kuwait has always committed itself to finding and offering concerted solutions to throw much weight behind the economies and societies of Islamic Development Bank (IsDB) member states for a better development future.
By so doing, Kuwait only seeks to play a responsible role to contribute effectively to pushing forward comprehensive human development and to aiding in safeguarding human dignity across the Muslim world.
Kuwait, which is one of the IsDB's cofounders and main supporters, joined the pan-Muslim bank in 1974 and has ever since contributed roughly USD 3.5 billion to its capital in a bid to promote its role in the member states' economic and social development.
It has funded 63 developmental projects covering various vital sectors at a total value of around USD 981 million, just as posted on the bank's website.
According to Kuwait Fund for Arab Economic Development (KFAED), Kuwait has contributed to numerous development projects in member states as part of the Arab Coordination Group by means of extending syndicated financing loans or grants to member states.
Cooperative projects cover new roads to ensure a smooth traffic movement, power plants in developing countries, dams, sewage water treatment, infrastructure and seaports, primarily aiming at boosting trade exchange among member states.
Based on the KFAED's report, between 2012 and 2021, the State of Kuwait bankrolled joint development projects in the context of the IsDB's Arab Coordination Group, including the first, third and fourth stages of the Arab Development Portal and contribution to the taskforce of the water and sanitation sector of the group's institutions as well as the development aid committee.
The Islamic Development Bank (IsDB), which is one of the most significant multilateral financial institutions, emerges as an effective partner of supporting the Muslim world's comprehensive human development and empowering its communities to meet future ambitions.
The strategy of the Jeddah-based bank, which started operation in 1975, is based on promoting innovation, energy, transport, digital infrastructure, education, agriculture, food security, health, and environmental care, alleviating poverty and backing technology and artificial intelligence.
The bank comprises 67 member states of the Organization of Islamic Cooperation (OIC), helping them in achieving economic development, social progress of members states' peoples and non-member states' Muslim communities in line with Islamic Sharia principles.
The bank's cumulative net approvals since it was established hit roughly USD 206.56 billion.
The IsDB Group is chaired by Dr. Mohmmad Al-Jasser who was elected by the bank's Board of Governors in July 2021.
On the bank's role in supporting member states, Al-Jasser underlined the bank's ironclad commitment to bolstering their resilience amid difficulties and crises, and backing their long-term sustainable economic growth, thus positively affecting people's lives.
He added that the bank's mission is to push forward comprehensive human development, focusing on priority sectors for alleviating poverty, improving health services and educational quality, promoting good governance and achieving public welfare.
The member state's continued confidence in the bank has enabled it to maintain its excellent credit rating (AAA) from major world credit rating agencies throughout years, showing its firm financial strength, global and Islamic status and developmental leadership.
Since its inception, the bank has undergone numerous evolutions, having transformed from a single entity to a group that comprises several institutions, including the Islamic Development Bank Institute, Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), International Islamic Trade Finance Corporation and the Islamic Solidarity Fund for Development.
The group seeks to meet member states' priorities and gives top priority in its new strategic framework for the 2026-2035 to promoting trade, investment and integration through investment in cross-border infrastructure, digital trade facilitation and educational compatibility.
Furthermore, the bank is working with key partners, particularly Arab Coordination Group, which marked in Washington in October, its golden jubilee of influential contributions to supporting sustainable development efforts worldwide.
The Arab Coordination Group is a strategic alliance that aims at finding and offering compatible and effective solutions for development financing by means of supporting economies and communities for a better future; having financed more than 13,000 development projects in over 160 countries.
The group comprises 10 institutions in the form of national funds, multilateral Arab regional and international institutions, notably Abu Dhabi Fund for Development, Arab Bank for Economic Development in Africa, Arab Fund for Economic and Social Development, Arab Gulf Program for Development, Arab Monetary Fund, Islamic Development Bank, Kuwait Fund for Arab Economic Development, OPEC Fund for International Development, Qatar Fund for Development and Saudi Development Fund. (end) fn.mt