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Turkey has recently secured a substantial $6.3 billion funding package from the Islamic Development Bank (IsDB) Group, which will be instrumental in supporting the nation’s growth over the next two years. This strategic investment will bolster key sectors that are vital for Turkey’s progress, including education, health, transport, finance, agriculture, industry, energy, and infrastructure. The breakdown of the funding is as follows: - $2 billion from IsDB - $900 million from the International Islamic Trade Finance Corporation (ITFC) - $300 million from the Islamic Corporation for the Development of the Private Sector (ICD) - A significant $3.1 billion from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Over the last 50 years, IsDB has been a reliable partner in Turkey’s journey, providing nearly $13 billion for over 545 development projects. This new funding is a testament to the enduring partnership and shared vision for a prosperous future. #EconomicDevelopment #InternationalCollaboration #SustainableGrowth #IsDBFunding

The United States (US) has joined shareholders in endorsing a general callable capital increase (GCCI) of up to 117 billion dollars (about N175.5 trillion at N1,500 per dollar) for the African Development Bank( AfDB) Group #US #AfDB #capitalincrease

The Islamic Development Bank (IsDB) was accredited to be an #ImplementingPartner of the #MCDFFinanceFacility by the #MCDFGoverningCommittee, in concurrence with the Asian Infrastructure Investment Bank (AIIB), the MCDF Administrator. IsDB will be the seventh Implementing Partner of the MCDF Finance Facility. The other six MCDF Finance Facility Implementing Partners are the African Development Bank Group, Africa Finance Corporation, Asian Infrastructure Investment Bank (AIIB), CAF -banco de desarrollo de América Latina y el Caribe-, International Fund for Agricultural Development (IFAD), and Caribbean Development Bank. To date, the MCDF Finance Facility has provided 33 approved grants to support cross-border connectivity infrastructure projects, reaching a total amount of USD38.3 million, which is expected to mobilize USD7.2 billion in investment in Africa, Asia, and Latin America and the Caribbean. Learn more: https://lnkd.in/gT9tbc3n #ConnectivityforAll #CrossBorderConnectivityInfrastructure

The ECOWAS Bank for Investment and Development (EBID) has formalised a €20 million Wakala Framework Agreement with MANSA BANK to enhance support for the private sector in Côte d’Ivoire. This financing initiative aims to stimulate #sustainable growth, promote job creation, and drive innovation across key industries. With this latest commitment, #EBID’s total investments in Côte d’Ivoire amount to approximately USD 710 million, reflecting its unwavering dedication to fostering economic development in the ECOWAS region. As stated by Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, this partnership is expected to create 230 new permanent jobs and sustain over 10,225 existing positions, ultimately benefiting the local communities. Mr. El-Hassana KABA, Managing Director of MANSA BANK, expressed gratitude for this collaboration, emphasizing its potential to enhance financing capabilities and positively impact the lives of many. This agreement marks a significant step toward achieving sustainable economic progress in Côte d’Ivoire. For more insights, read the full article. #EconomicDevelopment #CoteDIvoire #EBID #MANSA_BANK #PrivateSectorGrowth #Sustainability #JobCreation

Representing the Islamic Development Bank (IsDB) Group, H.E. Dr. Muhammad Al Jasser, Eng. Hani Salem Sonbol, CEO of ITFC and Acting CEO of ICD, participated in the opening session titled : LEVERAGING INNOVATIVE PARTNERSHIPS FOR SCALE. The Multilateral Development Banks (MDBs) including IsDB Group are pivotal players in driving global trade and fostering economic growth in low - and middle-income countries. By leveraging financial and technical expertise, they cultivate a predictable environment promoting economic resilience. IsDB Group, working with its partners work on Public-Private Partnerships (PPPs) by aligning priorities and leveraging strengths across sectors. Design flagship Programs such as the Arab Africa Trade Bridges (AATB) Program that has trade and investment as key pillars to promote economic integration and offer De-risking Tools through employing credit guarantees as well as blended finance models to attract private investments. ICD has been involved in several infrastructure-related initiatives across Africa, although many of its contributions are intertwined with broader financing strategies rather than large-scale direct infrastructure projects. Moreover, providing technical assistance and capacity building to share expertise and transfer technology to empower local stakeholders. Through sustainable and scalable solutions tailored to local contexts, these efforts not only enhance infrastructure but also create up to 150,000 jobs per $1 billion invested, according to the World Bank estimation. Let’s drive inclusive growth and unlock Africa’s vast potential through shared value frameworks and innovative partnerships. #InfrastructureDevelopment #AfricaRising #PPP #EconomicResilience #AIF2024

Islamic Development Bank (IsDB) has, on the 15th December 2024, approved a total of US$575.63 million in financing, for projects to advance education, energy, connectivity, job creation and food security in Africa and Central Asia, during the 358th meeting of the IsDB board of executive directors. The approved funds will support various projects in Guinea, Kyrgyzstan, Uzbekistan, Kazakhstan, Tunisia and Benin. IsDB President Dr Muhammad Al Jasser commented: “This round of financing approvals represents a milestone in the history of our institution as our annual development approvals have exceeded US$5 billion.” https://lnkd.in/gFUzg4FX #REDmoney #IFN #IslamicFinance #Finance #DevelopmentFinance #SustainableDevelopment #EducationForAll #EnergyAccess #JobCreation #FoodSecurity #RegionalConnectivity #Africa #CentralAsia #InfrastructureDevelopment #SDGs #EconomicIntegration #GlobalPartnership #EmpoweringCommunities #IsDB

A USD525,000 grant that aims to build the institutional capacity of Bangladesh’s Eastern Bank PLC. (EBL) to prepare sustainable infrastructure financing was approved by the #MCDFGoverningCommittee during its meeting in Riyadh, Saudi Arabia. The project will be implemented by the Asian Infrastructure Investment Bank (AIIB). The #MCDF grant will fund activities to improve EBL’s environmental and social management system (#ESMS) and practices, including a project-level grievance redress mechanism. The enhanced ESMS will be the first infrastructure-focused (non-sovereign backed financing USD50 million) on-lending facility provided to EBL by a multilateral development bank. Learn more: https://lnkd.in/gW-s_i4s #SustainableInfrastructure #InfrastructureFinancing #DevelopmentFinance

Sovereign Wealth Funds (SWFs) are essential for economic stability and future investment. Nigeria's SWF, managed by the NSIA, includes sub-funds focused on stabilization, future generations, and infrastructure. However, challenges like unstable oil prices and an undiversified economy limit its effectiveness. In this data-driven insight, Daberechukwu Ogbuishi implores that by learning from top SWFs such as Saudi Arabia's PIF and UAE's ADIA, Nigeria can enhance its fund's potential through export diversification, public-private partnerships, and a long-term vision. Read full insight here - https://lnkd.in/dBn2u4r5 #VerivAfrica #Nigeria #Investment #SWFs

Concrete actions by financing major development and infrastructure projects in our member countries .

A consortium of 10 multilateral development banks (MDBs), including the IsDB, met to outline the key deliverables for a joint and coordinated action in 2024 that will increase the impact and scale of their work to tackle development challenges around the world. The actions, outlined in a Viewpoint Note published at a retreat hosted by the Inter-American Development Bank (IDB), represents the strengthened collaboration of the African Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the New Development Bank, the World Bank Group, the IDB and the IsDB. https://lnkd.in/d7JEBRAn #REDmoney #IFN #IslamicFinance #Finance #MultilateralDevelopmentBanks #ClimateAction #PublicSectorProjects #JointActionInitiative #IsDb #IDB #AfricanDevelopmentBankGroup #ADB #AIIB #CEB #EBRD #EIB #NDB #WorldBankGroup #IDB