Since 2018, the Islamic Development Bank (IsDB) has provided over $4.4 billion in financing for projects aligned with the United Nations Convention to Combat Desertification (UNCCD).
During his address at the 16th session of the Conference of the Parties (COP16) in Riyadh, Muhammad Al Jasser, chairman of IsDB Group, emphasized the bank’s commitment to sustainable land management and enhancing drought resilience. He also underscored the bank’s pivotal role in mobilizing transformative financing to support vulnerable communities.
“These efforts reflect our shared vision of a future where communities thrive in harmony with their environment, bolstered by adaptability and sustainability. Through collaborative action and transformative investments, we can ensure a just, fair, and inclusive transition for all,” he said.
IsDB’s key projects
Al Jasser provided an overview of various projects in the member states supported by IsDB funding. These include $1.15 billion to Kazakhstan to rehabilitate 3,400 km of irrigation networks, boosting crop production on 350,000 hectares.
Other projects include $96 million for the Maiden Tower Project in Azerbaijan to enhance the food security for 1.6 million people, and $450 million for the Regional Cassava Value Chain Program, empowering farmers in nine African countries through improved production, processing, and private sector engagement.
The funding also covered the Regional Soil Fertility Mapping Program in six African countries which provides farmers with sustainable fertilizer solutions to improve soil health and yields.
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IsDB commits $11 billion at COP16
Notably, IsDB has exceeded its climate action target of dedicating 35 percent of its financing to climate initiatives and projects by 2025, achieving this milestone two years ahead of schedule.
“IsDB remains steadfast in its support for member countries as we work together toward a sustainable future for both people and the planet, ensuring that no one is left behind,” he added.
During COP16, Al Jasser also announced two significant commitments, a $1 billion pledge to the Riyadh Global Drought Resilience Partnership, reinforcing the bank’s dedication to ensuring drought resilience, and a $10 billion collective pledge by the Arab Coordination Group for drought resilience and sustainable land management by 2030, to which the IsDB will contribute the majority.
IsDB is also working with partners to support important initiatives such as the Saudi Green and Middle East Green initiatives, the Great Green Wall for the Sahara and Sahel, and Vision for Adapted Crops and Soils to scale innovative solutions and drive sustainable transformation.
The bank has partnered with the Food and Agriculture Organization and the International Fund for Agricultural Development to introduce climate-smart technologies for smallholders, as well as with the United Nations Development Program to develop takaful solutions aimed at protecting communities from climate shocks.
