IsDB, CEDARE team up to climate, environmental resilience, promote socio-economic development sustainability

The Islamic Development (IsDB) has signed a Memorandum of Understanding (MoU) with Center For Environment and Development for the Arab Region and Europe (CEDARE) to build climate and environmental resilience, promote socio-economic development sustainability

The agreement was signed by Dr. Bandar M. H. Hajjar, Chairman of the IsDB Group and Dr. Nadia Makram Ebeid, Executive Director of CEDARE at their premises in Cairo, Egypt.

The memo will enhance and formalize cooperation and collaboration between the two Parties in addition to promoting knowledge sharing and co-financing programs and projects.

The memo will also provide coordinated and harmonized technical assistance to their common member countries in a cost-effective and efficient manner.

The IsDB is stepping up efforts to promote sustainability. Earlier this month, the bank has successfully finalized a Sustainable Finance Framework and become the first AAA-rated institution to issue a Green Sukuk.

This is an innovation that affirms IsDB’s commitment to the SDGs while integrating climate considerations into the IsDB’s financial offerings to its Member Countries.

Together with the European Investment Bank (EIB), IsDB signed a Memorandum of Understanding (MoU) to strengthen cooperation and committed 1 billion each in co-financing through to 2024.

The announcement was made as part of the IsDB second European Sukuk Summit held in Luxembourg in partnership with Ministry of Finance of the Grand Duchy of Luxembourg.