PROJECT PRESENTATION
Innovative Islamic financing models can serve the PDBs for mobilizing resources towards the SDGs and also tapping the $1 trillion Islamic finance industry in order to boost climate action and Green financing. In the context of the OIC Member Countries, the Islamic Development Bank (IsDB) created a Sustainable Finance Framework (Oct 2019) that lays the ground for mobilizing financing to build green, resilient and sustainable economies. The Framework complies with ICMA’s Green, Social and Sustainability Bond Principles. Like its MDB peers such as IFC and KfW, it was assigned a Medium-Green Shading by CICERO and enabled the IsDB to issue a €1b Green Sukuk (Nov 2019), a labelled Islamic bond structure with the proceeds exclusively for ‘green’ projects and a $1.5b Sustainability Sukuk (Jun 2020) to finance ‘green’ and ‘social’ projects for a ‘sustainable’ recovery from the COVID-19 pandemic.
PRESENTATION OF THE ORGANIZATION
The Islamic Development Bank (IsDB), established in 1974, is a multilateral development bank headquartered in Jeddah, Saudi Arabia, that is committed to empowering people for a sustainable future by driving innovation, partnerships, Islamic Finance and value chains. Its mission is to promote comprehensive human development, with a focus on the priority areas of alleviating poverty, improving health, promoting education, improving governance and bringing prosperity to the people.
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