Islamic Development Bank President Muhammad Al Jasser, speaking at a high-level meeting convened by the International Monetary Fund Managing Director with MENAP finance ministers, central bank governors and regional financial institution heads, outlined the Bank’s financing footprint and priorities for economic diversification and structural transformation in the region. Net approvals for MENAP were reported at US$87.8 billion, representing 45% of total Islamic Development Bank Group approvals, with energy, industry and agriculture accounting for 80% of the MENAP portfolio. The remarks highlighted a strategic focus on reducing hydrocarbon reliance in fuel-exporting economies, mitigating commodity dependence in lower-income countries, and supporting structural reforms and human capital development; Islamic finance was positioned as a tool to bridge financing gaps, with over US$52 billion of sukuk issued and more than 50% allocated to MENAP investors to fund sustainable development projects. The wider discussion focused on navigating heightened global economic uncertainty, strengthening resilience to shocks, and sharing reforms aimed at improving productivity and growth.
Islamic Development Bank 2025-04-23
Islamic Development Bank president sets out US$87.8bn MENAP approvals and US$52bn sukuk issuance at IMF-convened meeting
Islamic Development Bank President Muhammad Al Jasser, at an IMF meeting with MENAP finance ministers and central bank governors, detailed the Bank's US$87.8 billion net approvals for MENAP, emphasizing economic diversification and structural transformation. Energy, industry, and agriculture dominate 80% of the MENAP portfolio, focusing on reducing hydrocarbon reliance and supporting structural reforms. Islamic finance, with over US$52 billion in sukuk issued, is highlighted as a key tool for bridging financing gaps and funding sustainable development projects.