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PHOTO: Ian Gavan/Getty Images


ABOUT THE IsDB


The Islamic Development Bank (IsDB) is a multilateral development bank that promotes social and economic development in member countries and Muslim communities worldwide. It brings together 57 member countries across four continents. Headquartered in Jeddah, Saudi Arabia, the IsDB Group has Regional Hubs in Bangladesh, Egypt, Indonesia, Kazakhstan, Morocco, Nigeria, Senegal, Suriname, Turkey, Uganda, and United Arab Emirates in addition to a Center of Excellence in Malaysia.


established within the joint MDB framework. In addition, the Bank annually reports its environment and social investment contributions to the OECD using the OECD standards for reporting. The Bank has adopted the joint MDB Paris Alignment principles that include setting up a robust reporting framework and standards for Paris-Aligned, Sustainable Development Goals (SDGs)-supported and non-Paris Aligned investments.


OFQ: This means that ESG has become an integral part of the daily activity of the bank? BMHH: That is correct. For example, since January 2019, all IsDB operations go through climate risk screening. We have dedicated functions at the Bank fully involved in appraisal and design


of all projects to ensure that they meet the highest environmental and social standards and that they include environmental and social management plans, when needed. Moreover, these functions ensure incorporating social and environmental indicators where relevant, in addition to climate mitigation and adaptation components when possible. In 2019 alone, I would say that not only was 25 percent of the Bank’s finance considered as green climate finance (US$466 million) but even all the remaining amount may be considered climate resilient, and has taken environmental and social considerations into account with alignment to relevant SDGs. We also have some dedicated flagship programs. Let me give you


some examples: The Transform Fund, established by the BED in July 2017, is a special Science, Technology & Innovations (IsDB-STI) Endowment Fund, with a target size of US$500 million. Its overall objective is supporting the 57 IsDB member countries spanning four continents in finding practical solutions to key development challenges through the power of innovation. The fund supports innovators, start-ups, small and medium- sized enterprises (SMEs), government, non-governmental organizations and academic entities in IsDB member and non-member countries with initial funding and growth capital. This is to develop their innovative ideas into practical solutions, and then expand the commercial reach of innovative products and services in IsDB member countries.


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