SARAJEVO: The Islamic Development Bank (IDB), the largest development organisation in the Muslim world, plans to revamp its operations, including a shift away from small-scale capital interventions to more sustainable, grassroots-level support.
The non-profit group has extended $86.1 billion in financing in the last ten years for energy, transportation, water and sanitation projects. Bangladesh, Pakistan and Egypt are among the top beneficiaries.
But its new president, Bandar Hajjar, said the bank needed to decentralise and change the way it operates. “IDB needs to shift away from providing individual, small-scale intervention to value chain solutions,” Hajjar told Reuters on the sidelines of a business conference in the Bosnian capital Sarajevo.
The IDB has traditionally provided capital and technical assistance to individual firms and government organisations, but Hajjar said the bank would engage a wider array of entities and plans to form a network of non-governmental organisations, foundations and universities.