The President of the Islamic Development Bank (IsDB) Group, Dr Bandar Hajjar, has said that the IsDB Group has devoted special attention to developing clean energy projects in its member countries in order to achieve environmental sustainability and reduce the cost of the Group’s projects.

He added that IsDB member countries enjoyed massive sources of clean energy, such as hydroelectric power, solar energy and wind energy. The President of the Bank stated that the Bank Group’s renewable energy financing reached US$3.403 billion, including US$2.8 billion for 53 IsDB-financed projects, which represents approximately 20% of the Bank’s financing for the energy sector as a whole. The Islamic Corporation for the Development of the Private Sector (ICD), an IsDB Group member, has provided US$133 million in financing for the sector, while the Islamic Corporation for Insurance of Investment and Export Credit (ICIEC), which is the IsDB Group’s insurance arm, has provided US$470 million in insurance for renewable energy projects in member countries.