Sharm El Sheikh, Egypt, 7 November 2022 – On the first day of his official visit to the Arab Republic of Egypt to attend the ongoing COP27 summit meeting, Islamic Development Bank (IsDB) and Group Chairman, H.E. Dr. Muhammad Al Jasser, attended the World Leaders’ Roundtable on Food Security.
In his remarks, Dr. Al Jasser stated: “Today, food insecurity is a global emergency. The way the global community came together in response to the COVID-19 pandemic is exactly how we should be dealing with the global food crisis that the world is contending with today.”
He then underlined the need for being more proactive in addressing present needs while preparing countries and communities for their long-term sustainability by developing robust and sustainable food systems.
“That is why I am pleased to announce that the IsDB Group has a newly launched flagship Food Security Response Program (FSRP), a proactive facility worth US$10.54 billion designed to support our 57 member countries to address the immediate and long-term challenges of food insecurity for the next three and a half years,” President Al Jasser stated.
He then added that in the last three months, since the launching of the program, IsDB Group has already approved about US$1 billion for its member countries, including a US$200 million immediate food security program in Jordan to ensure sustainable food systems in the short term.
“As another instance of one of the many food security projects that we are funding and promoting, I can refer to IsDB Group’s participation in the Special Agro-Industrial Processing Zone (SAPZ) with partner public institutions in Nigeria, which is helping catalyze private capital and investments. This partnership is expected to boost food production, reduce food price inflation, and transform the agriculture sector while ensuring food security and creating jobs in Nigeria and beyond,” Dr. Al Jasser explained.
According to President Al Jasser, IsDB Group has also adopted approaches to de-risk agricultural interventions in its member counties including assets and infrastructure investments to support agri-businesses, guarantees (including first loss guarantees), and facilitating access to credit lines for smallholder farmers through special fund arrangements or microfinance institutions.
In addition, the Islamic Development Bank Group is focusing on long-term initiatives that help countries deal with (i) agricultural resilience and climate shocks, (ii) food and input value-chains, (iii) smallholders’ productivity and market access, (iv) rural livelihood support, (v) livestock and fisheries development, and (vi) food supply systems.