RIYADH: Member countries of the Islamic Development Bank could have faster execution of their development projects thanks to its ongoing discussion with the US’ official export credit agency, according to the Saudi Press Agency.
On the sidelines of the 78th session of the UN General Assembly, which concludes on Friday in New York, IsDB Group President Mohammed Sulaiman Al-Jasser discussed with US Export-Import Bank President Reta Jo Lewis the prospects of further strengthening bilateral ties.
This move aligns with the strategic objectives and the IsDB Group’s commitment to supporting member countries in their pursuit of prosperity and resilience.
The discussion also featured joint financing of developmental projects to achieve social and economic growth and combat the challenges imposed by supply chain financing, the SPA said.
Al-Jasser also met Digital Cooperation Organization Secretary-General Deemah Al-Yahya on the sidelines of the UNGA meeting and explored avenues of collaboration in digital technology and public infrastructure.
“We, at the Islamic Development Bank, are keen to support the deployment of digital infrastructure through our partnerships with the Digital Cooperation Organization to support digital and technical transformation work during the next stage,” Al-Jasser said.
Moreover, the IsDB president also met Samantha Power, the administrator of the US Agency for International Development, to team up in funding agriculture projects.
The two sides also reviewed financial support to small and medium-sized companies involved in green projects, climate issues and transitioning to a low-carbon economy in the IsDB Group’s member nations.
Moreover, people in member countries of the IsDB Group can expect better living conditions, as the financial institution allocated $800 million earlier this month to finance vital projects in these regions.
The IsDB president explained that the approved projects will cater to various sectors, including energy, education, health and transportation, reported the SPA at the time.
Al-Jasser clarified that besides promoting the achievement of sustainable development goals, this move will also contribute to alleviating the effects of the social and economic challenges faced by the population in the member countries of the IsDB Group.
Moreover, these projects are also projected to accelerate further the achievement of priority goals within the sustainable development goals, the president said.