Statement delivered by Dr. Muhammad Al Jasser, President of the Islamic Development Bank
V20 MINISTERIAL DIALOGUE IX
16 October 2022
Dr. Muhammad Al Jasser, President of the Islamic Development Bank
Thank you, Chair. On behalf of Dr. Al Jasser, the President of the Islamic Development Bank I would like to convey the following statement.
Distinguished participants, Ladies and Gentlemen. Today’s session touches upon one of the most pressing challenges facing the humanity in our lifetime. Our collective efforts in responding to today’s global challenges are most more than needed than at any other time. We must enhance our support to countries especially affected by COVID-19 and climate change in ways that will be sustainable, greener, and more prosperous.
In response to the crisis, the Islamic Development Bank has already committed to significantly increase its climate finance to account more than at least 55 percent of its operations by 2025. In fact, the Islamic group is providing more climate finance than ever.
The Bank has also recently realigned its strategy to focus on boosting recovery, tackling poverty, and improving resilience and driving green economy growth. Referring to the current international context, this will be translated into building long-term resilience and security of food systems in our member states.
The strategy also imports supporting green and sustainable energy supply while recognizing the preeminence of energy security for both developed and developing countries. As an illustration, the Bank Group has recently approved an ambitious U.S. goal of 10.54 billion food security response program which accumulates both immediate to short and medium to long-term actions with a broad set of essential financing and non-financing products.
Some critical support areas include strengthening production systems, promoting climate smart agriculture, supporting community value chain, widening national strategy buffer reserves, and strengthening livelihoods for the most vulnerable.
Distinguished participants, Ladies and Gentlemen. Recognizing current debt and fiscal pressure the ISDB has developed an innovative Islamic social financing mechanism such as the Global Muslim Philanthropy Fund for Children, co-founded with UNICEF and the Waqf property investment fund. In addition, we will explore more ways to channel the billions of U.S. dollars spent annually on Islamic philanthropic and channel it globally to support the most vulnerable.
The Bank is committed to supporting a just transition to green economy in its member countries by lifting people out of poverty through targeted investment in productive sectors, promoting green jobs for the youth, and social inclusion, hence leaving no one behind.
In a nutshell, we are very pleased to be here today to confirm our strong commitment to address the integration of climate and development in sustainable manner and to work with all partners. Thank you.