Algiers, Algeria – May 21, 2025 – The Islamic Development Bank (IsDB) Group announced a significant 12.3% increase in its net approvals compared to 2023, reaching US$13.2 billion in 2024. This robust financial commitment underscores the Bank's unwavering dedication to supporting its member countries as they navigate heightened global challenges and ongoing humanitarian crises.

H.E. Dr. Muhammad Al Jasser, Chairman  of the IsDB Group, commented on the Group's broader achievements, stating, "In 2024, IsDB Group made significant progress, with cumulative net approvals reaching an impressive US$194.8 billion. These financial approvals have significantly benefitted not only member countries, but Muslim communities in non-member countries by effectively addressing critical challenges in human development, strengthening resilience, and promoting long-term sustainability."

The growth in 2024 approvals reflects IsDB's proactive stance in addressing pressing issues such as food security and building resilience in member countries.

A cornerstone of this support is the continued operationalisation of the IsDB Group’s US$10.54 billion Food Security Response Program (FSRP), approved in July 2022. By the end of 2024, the Group had approved a cumulative US$8.0 billion worth of projects under the FSRP, achieving over 90% of its planned approvals and significantly contributing to bolstering food systems in vulnerable countries. In 2024 alone, IsDB approved US$745 million specifically for agriculture and rural development projects.

• Climate Finance: Exceeded its 2025 target by achieving 46% of total financial commitments for climate action in 2024, amounting to approximately US$2.4 billion.
• Water Sector: Approved US$2.1 billion for water sector financing, tackling critical water management challenges.
• Transport Infrastructure: Committed US$1.5 billion to transport projects, including US$1.22 billion for roads/highways, US$261.18 million for a railway, and US$15 million for a port.
• Energy Projects: Approved US$923.90 million for the energy sector.
• Education: A total of US$330.3 million was approved for education financing. The Bank also awarded scholarships to 474 students from 57 countries, including 265 candidates from Muslim communities in non-member countries. The program continues to support 1,276 students and scholars.
• Healthcare: Approved US$221.2 million for healthcare initiatives.
• Fragility and Resilience: Continued to address fragility and enhance resilience through capacity building, emergency response, strategic partnerships, and targeted flagship programs.
• In 2024, International Islamic Trade Finance Corporation (ITFC) provided US$7.3 billion in trade financing to support energy, food, and agriculture sectors.
• Islamic Corporation for the Development of the Private Sector (ICD) increased net approvals to US$663.0 million in 2024, an increase from US$531.7 million in 2023.
• Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) delivered a total of US$12.9 billion business insurance in 2024.
• IsDB Institute (IsDBI) approved 24 new technical assistance projects in 2024 under the Islamic Finance Sector Transformation Program, valued at US$4.17 million, benefiting seven countries and six partner organizations and completed 10 grants projects with a cumulative value of US$1.0 million.

The IsDB remains dedicated to its mission of promoting comprehensive human development and sustainable economic growth across its member countries, adapting its strategies to meet evolving global needs effectively.

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