Funding for infrastructure projects in Islamic region beyond IsDB capacity (IsDB) | Tunisia News Gazette

Funding for infrastructure projects in Islamic region beyond IsDB capacity (IsDB)

President of the Islamic Development Bank Group (IsDB), Bandar Hajjar, said the investments needed to finance infrastructure projects and sustainable development goals in member countries are beyond the capacity of the IsDB group.

He added at the official opening of the 43rd Annual Meetings of the Gammarth Group from April 1 to 5, 2018, that these projects require partnerships with institutions that have medium- and long-term funding and with Multilateral Banks and Global Financial Markets.

The IsDB group President emphasised that the financial institution is striving to put in place a pilot development model under which it will become a development bank and developers.

He pointed out that developers include the public and private sectors, civil society institutions, universities and research centres.

Bandar Hajjar said the funding gap between available IsDB financing and programmes is growing, especially as the bank’s member countries have an annual requirement of about $ 700 billion to finance the sustainable development goals.

“The gap will widen more and more by 2030, with an increase in the population from 1.7 billion to 2.2 billion inhabitants,” Hajjar said.

Source: TAP News Agency

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