The Islamic Development Bank (IDB) will provide finance of around $3 billion for renewable energy projects. It has already financed approximately $5 billion of sustainable Sukuk in the past 4 years for green projects.
With an order volume of $4.5 billion, the Bank issued Sukuk worth $1.5 billion with a total profit of $1.7 billion.
Muhammad Al-Jasser, IDB’s President said, “The transmission from fossil to renewable energy requires massive investment, so we’ve seen the announcement of a banking alliance to provide $130 trillion in funding to the sector.”
IDB is keen to provide funds with other international institutions in assisting the shift towards renewable energy.
The Islamic Development Bank is a multilateral development finance institution that is focused on Islamic finance located in Jeddah, Saudi Arabia. There are 57 shareholding member states with the largest single shareholder being Saudi Arabia.
Recently, the bank also listed $1.7 billion Sukuk on Nasdaq Dubai which was the largest supranational Sukuk issuer on Nasdaq Dubai with a total value of $18.8 billion.
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