SDG financing gap in Islamic countries an ‘opportunity’ for Shariah-compliant finance – IDB official
SURABAYA - Blending the potential of Islamic finance and impact investing can mobilise additional sources of finance for sustainable development at a time when the financing gap for the Sustainable Development Goals (SDGs) is widening, according to an official of the Islamic Development Bank.
“In the Bank’s 57 member countries, financing SDGs needs about $700 billion a year,” said IDB’s Walid Abdelwahab, Director-General, Country Relations and Services, in Surabaya, Indonesia, on Wednesday.
The SDGs financing gap for the world is estimated at around $2.5 trillion annually. The gap for the Organisation of Islamic Cooperation (OIC), whose members overlap with IDB's, is around $1 trillion a year, of which $700 billion covers infrastructure shortages only.
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