Islamic Development Bank provides $3 billion for renewable energy

RIYADH: The Islamic Development Bank (IDB) is providing more than $3 billion in financing for renewable energy projects, and more than $5 billion of sustainable Sukuk have been issued in the last four years, mostly to finance green projects, Muhammad Al-Jasser, the IDB’s president, told Al Arabiya.

The bank issued Sukuk worth $1.5 billion, with an order volume of $4.5 billion, with a total profit of $1.7 billion, he added.

“The transmission from fossil to renewable energy requires massive investment, so we’ve seen the announcement of a banking alliance to provide $130 trillion in funding to the sector,” he said.

The bank is keen to cooperate with the international institutions to assist in the transition phase that needs funding, he added.