IsDB Meetings in Algiers: Signing of Financing Agreements and MoUs
The Islamic Development Bank (IsDB) group signed multiple financing agreements with member states and memoranda of understanding with international institutions on Wednesday in Algiers, amounting to over one billion dollars.
These agreements are designed to finance various projects related to sustainable development and climate change mitigation in Africa and Asia, as well as infrastructure development and healthcare enhancement.
As part of this initiative, a cooperation agreement was established between the Algerian Company of Insurance and Export Guarantee (CAGEX) and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), one of the entities within the IsDB group. This agreement allows ICIEC to provide reinsurance services to CAGEX.
The signing ceremony occurred during the annual meetings of the IsDB group, which took place from May 19 to 22 at the “Abdelatif Rahal” International Conference Center, under the high patronage of the President of the Republic, Abdelmadjid Tebboune, with the theme “Diversifying Economies, Enriching Lives.”
The event was attended by Muhammad Sulaiman Al Jasser, president of the IsDB group, along with several officials from the group and bank governors representing member states.
