Latest news with #IsDB
Zawya
3 days ago
- Business
- Zawya
Islamic Development Bank prices $1.2bln sukuk
Saudi Arabia-based Islamic Development Bank (IsDB) has priced its $1.2 billion five-year US dollar Reg S sukuk at 4.246%. The spread is SOFR midswaps plus 57 basis points (bps), a shade tighter than initial price thoughts (IPTs) at MS+58. BBVA, BMO Capital Markets, Citi, Emirates NBD Capital, Goldman Sachs International, NATIXIS, Societe Generale and Standard Chartered Bank have been appointed Joint Lead Managers. It will be listed on Euronext Dublin and Nasdaq Dubai. (Writing by Brinda Darasha; editing by Seban Scaria)
Zawya
4 days ago
- Business
- Zawya
Mauritania roundtable raises US$2 billion pledge from the Arab Coordination Group in development funding
Mauritania's national development program will see a strong boost with a US$2 billion pledge made by the Arab Coordination Group (ACG) ( at a high-level roundtable held in Vienna, Austria. The event was chaired by the President of Mauritania, Mohamed Ould Cheikh El Ghazouani, and was hosted by the OPEC Fund for International Development in the framework of the Annual Meeting of the ACG Heads of Institutions. OPEC Fund President Abdulhamid Alkhalifa said: 'We are strongly committed to play an active role in the implementation and success of Mauritania's ambitious development program. With our pledge we are mobilizing our collective capabilities to translate ambition into action and bring about positive change in the lives of the people of our partner country Mauritania.' Speaking on behalf of the Arab Coordination Group, the President of the Islamic Development Bank (IsDB), H.E Dr. Muhammed Al Jasser, said: 'Our funding will be directed to vital priority sectors, including energy, water, transportation and digital infrastructure, in order to stimulate economic growth and achieve comprehensive and sustainable development in the country.' The pledge followed an opening address by President El Ghazouani who reaffirmed Mauritania's commitment to institutional reform, enhanced transparency and improved governance. He noted that these efforts, combined with macroeconomic stability and modernized public administration, are laying the foundation for long-term, inclusive growth. The President also underscored the country's ambition to become a competitive investment destination through streamlined investment procedures and strengthened national security. During the roundtable, the government of Mauritania presented a portfolio of priority investment projects. Among them was an initiative to hybridize thermal power plants and enhance existing hybrid facilities with advanced energy storage solutions. Two strategic water infrastructure projects were also featured: one at the Taraf Al-Mahroud site and another in the Karakoro Basin. In the transport sector, the rehabilitation of the Nouakchott–Nouadhibou and Rosso–Boghé corridors was highlighted as vital to improving trade and connectivity. The ACG pledge will cover the period 2025-2030. Delivery will be 'closely coordinated with the government and international partners,' IsDB President Al Jasser announced. The roundtable preceded the OPEC Fund Development Forum on June 17, where Mauritania's President El Ghazouani will deliver an opening address as guest of honor. OPEC Fund President Alkhalifa underscored the institution's commitment to supporting Mauritania. During a visit to the country in January he signed a Country Partnership Framework Agreement for the period 2025-2027. Under this strategic cooperation, the OPEC Fund will focus on key sectors such as renewable energy, water, food security, transport and clean cooking. The President said: 'To be successful, development needs to attract investment. To be sustainable, however, development also needs to generate tangible results for the people. The government's strategy prudently links both.' The Arab Coordination Group is the world's second-largest development finance group, united around shared values of South-South cooperation and solidarity. Last year, the ACG extended US$19.6 billion collectively to fund nearly 650 operations in more than 90 countries. Distributed by APO Group on behalf of Arab Coordination Group (ACG). About the Arab Coordination Group (ACG): The Arab Coordination Group (ACG) is a strategic alliance that provides a coordinated response to development finance. Since its establishment in 1975, ACG has been instrumental in developing economies and communities for a better future, providing more than 13,000 development loans to over 160 countries around the globe. Comprising ten development funds, ACG is the second-largest group of development finance institutions in the world and works across the globe to support developing nations and create a lasting, positive impact. The Group comprises the Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Gulf Programme for Development, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Fund for Development and the Saudi Fund for Development.
Arab News
4 days ago
- Business
- Arab News
IsDB Group partners with Turkiye to drive green industrial growth
JEDDAH: The Islamic Development Bank Group has partnered with Turkiye's Ministry of Industry and Technology to advance sustainable manufacturing and infrastructure as part of a broader push to modernize the country's industrial zones and accelerate its green transition. The initiative supports Turkiye's 2053 net-zero emissions target and aligns with the 12th National Development Plan (2024–28) and the 2030 Industry and Technology Strategy. According to the Saudi Press Agency, the project aims to cluster industrial enterprises within designated zones, reducing environmental impact and promoting climate-conscious development. While Turkiye has committed to peak emissions by 2038 and reach net zero by 2053, independent assessments question the feasibility of this goal. Climate Action Tracker has rated the strategy as 'poor,' citing a lack of ambition and transparency, and warning that the 15-year window to net zero is overly compressed. Still, some subsectors—such as cement, iron and steel, aluminum, and fertilizers—have set clearer reduction targets, although they remain exceptions, CAT notes. Walid Abdelwahab, director of the IsDB Group's regional hub in Turkiye, described the project as 'a vital step in fulfilling the IsDB's commitment to supporting sustainable industrial transformation, enhancing economic resilience, and promoting climate-conscious development.' A multidisciplinary team from IsDB's Jeddah headquarters and Ankara office has been working closely with various government bodies and industrial zone authorities. Discussions have focused on collecting data, identifying challenges, and shaping the project in line with national investment and climate resilience goals. According to SPA, the initiative will also address key areas such as wastewater management, improved water use efficiency, and green infrastructure, laying the groundwork for long-term sustainable industrial growth.
Zawya
4 days ago
- Business
- Zawya
ACG pledges $2bln in development funding for Mauritania
Arab Coordination Group (ACG), an alliance comprising ten development funds from Arab world, has pledged $2 billion in development funding for Mauritania in Northwest Africa. The pledge was made at a high-level roundtable held in Vienna, Austria, chaired by the President of Mauritania, Mohamed Ould Cheikh El Ghazouani, and hosted by the OPEC Fund for International Development, according to a press statement issued by the Islamic Development Bank (IsDB). Speaking on behalf of the Arab Coordination Group, the President of IsDB Muhammed Al Jasser, said the funding will be directed to vital priority sectors, including energy, water, transportation and digital infrastructure over a five year period from 2025 to 2030. The portfolio of projects presented by the Mauritanian government at the round table included 'an initiative to hybridise thermal power plants and enhance existing hybrid facilities with advanced energy storage solutions'; strategic water infrastructure projects at Taraf Al-Mahroud and Karakoro Basin and rehabilitation of the Nouakchott–Nouadhibou and Rosso–Boghé corridors. Last year, the ACG extended $19.6 billion collectively to fund nearly 650 operations in more than 90 countries. The Group comprises Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Gulf Programme for Development, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Fund for Development and the Saudi Fund for Development. (Writing by SA Kader; Editing by Anoop Menon) (
Zawya
4 days ago
- Business
- Zawya
Mauritania roundtable raises $2bln pledge from the Arab Coordination Group in development funding
Vienna: Mauritania's national development program will see a strong boost with a US$2 billion pledge made by the Arab Coordination Group (ACG) at a high-level roundtable held in Vienna, Austria. The event was chaired by the President of Mauritania, Mohamed Ould Cheikh El Ghazouani, and was hosted by the OPEC Fund for International Development in the framework of the Annual Meeting of the ACG Heads of Institutions. OPEC Fund President Abdulhamid Alkhalifa said: 'We are strongly committed to play an active role in the implementation and success of Mauritania's ambitious development program. With our pledge we are mobilizing our collective capabilities to translate ambition into action and bring about positive change in the lives of the people of our partner country Mauritania.' Speaking on behalf of the Arab Coordination Group, the President of the Islamic Development Bank (IsDB), H.E Dr. Muhammed Al Jasser, said: 'Our funding will be directed to vital priority sectors, including energy, water, transportation and digital infrastructure, in order to stimulate economic growth and achieve comprehensive and sustainable development in the country.' The pledge followed an opening address by President El Ghazouani who reaffirmed Mauritania's commitment to institutional reform, enhanced transparency and improved governance. He noted that these efforts, combined with macroeconomic stability and modernized public administration, are laying the foundation for long-term, inclusive growth. The President also underscored the country's ambition to become a competitive investment destination through streamlined investment procedures and strengthened national security. During the roundtable, the government of Mauritania presented a portfolio of priority investment projects. Among them was an initiative to hybridize thermal power plants and enhance existing hybrid facilities with advanced energy storage solutions. Two strategic water infrastructure projects were also featured: one at the Taraf Al-Mahroud site and another in the Karakoro Basin. In the transport sector, the rehabilitation of the Nouakchott–Nouadhibou and Rosso–Boghé corridors was highlighted as vital to improving trade and connectivity. The ACG pledge will cover the period 2025-2030. Delivery will be 'closely coordinated with the government and international partners,' IsDB President Al Jasser announced. The roundtable preceded the OPEC Fund Development Forum on June 17, where Mauritania's President El Ghazouani will deliver an opening address as guest of honor. OPEC Fund President Alkhalifa underscored the institution's commitment to supporting Mauritania. During a visit to the country in January he signed a Country Partnership Framework Agreement for the period 2025-2027. Under this strategic cooperation, the OPEC Fund will focus on key sectors such as renewable energy, water, food security, transport and clean cooking. The President said: 'To be successful, development needs to attract investment. To be sustainable, however, development also needs to generate tangible results for the people. The government's strategy prudently links both.' The Arab Coordination Group is the world's second-largest development finance group, united around shared values of South-South cooperation and solidarity. Last year, the ACG extended US$19.6 billion collectively to fund nearly 650 operations in more than 90 countries. About the Arab Coordination Group (ACG) The Arab Coordination Group (ACG) is a strategic alliance that provides a coordinated response to development finance. Since its establishment in 1975, ACG has been instrumental in developing economies and communities for a better future, providing more than 13,000 development loans to over 160 countries around the globe. Comprising ten development funds, ACG is the second-largest group of development finance institutions in the world and works across the globe to support developing nations and create a lasting, positive impact. The Group comprises the Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Gulf Programme for Development, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Fund for Development and the Saudi Fund for Development.
