The Islamic Development Bank Group has reserved $3,808 million for energy projects, accounting for 55% of total trade financing approvals in the current fiscal year.
The primary objective of the funding is to assist member states of the Islamic Development Bank Group and the Organization of Islamic Cooperation, particularly the least-developed nations.
The International Trade Finance Corporation has contributed over $49 billion to the energy industry since its establishment in 2008, aiming to improve living conditions by providing suitable energy supplies.
Jeddah on June 9, 2024. A member of the Islamic Development Bank (IsDB) Group, has reserved a total of $3,808 million to fund energy projects. This constitutes 55% of the total trade financing approvals during the current fiscal year, with the primary objective being to assist member states of the Islamic Development Bank Group and the Organization of Islamic Cooperation (OIC), notably the least developed nations.The International Commerce Finance Corporation (ITFC) said in a statement published today that "to promote trade and improve lives" is its goal in accelerating development. The main goal of the organization is to offer appropriate energy sources thereby enhancing living conditions. Since its inception in 2008, the International Trade Finance Corporation (ITFC) has made contributions to this important sector exceeding $49 billion.
