IsDB Group Commits USD 1.2 Billion in Funding for Post-Pandemic Economic Recovery

The Islamic Development Bank (IsDB) Group, which is an AAA-rated multilateral Muslim development bank, has committed USD 1.2 billion in funding for post-pandemic economic recovery for its member countries. The efforts comprise of 30 Memorandums of Understandings (MOUs) and agreements across member countries in Africa and Asia.

Why it Matters?

The funding commitments were announced at IsDB Group’s 2021 annual meetings held in Tashkent, Uzbekistan. In the backdrop of the COVID-19 pandemic that showcased how fragile national economies in a globalised world were, the IsDB hopes to use its annual meetings as an opportunity to create stronger and more resilient economies in the long term through multilateralism.

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