Saturday, June 25, 2022
Islamic Bank to assist member nations in resolving food crisis

Islamic Bank to assist member nations in resolving food crisis

HP News Desk

According to a press statement, the Islamic Development Bank (IsDB) would support member states in their initiatives to build “resilient and climate-smart agriculture” in order to maintain food security.

IsDB President Dr. Muhammad Al Jasser applauded the bank’s Arab Coordination Group (ACG) decision to allocate $10 billion to achieving food security in all of its member nations.

According to a press release, “The Islamic Bank group has initiated a comprehensive initiative to develop agriculture and food security portfolio.”

Last year, the company put aside $8.23 billion for that purpose. According to the president of the IsDB, it has so far invested more than $20 billion in agriculture and food security and is working on a strategy to assist member states in extreme need of assistance amid a global shortage of critical commodities.

He cited UN estimates that the number of people who are extremely food insecure has doubled in just two years, from 135 million prior to the epidemic to 276 million today.

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