Supporting SDGs, development strategy

By TMR / Pic By BLOOMBERG

Islamic finance has the potential to play a transformative role in supporting the implementation of the Sustainable Development Goals (SDGs) and the new maximising nance for development strategy, said a senior World Bank official.

Speaking at a recent forum in Kuwait, World Bank senior VP Mahmoud Mohieldin said Islamic finance can also be leveraged to cover the major global infrastructure financing gap.

He was chairing a panel session at the global conference on Islamic finance organised by the Central Bank of Kuwait and the Islamic Financial Services Board.

Mahmoud had also recently chaired the opening session of the meeting of finance and development ministers from least developing countries (LDCs), held during the World Bank Group-International Monetary Fund spring meetings, which focused on maximising finance for development in LDCs, especially in sustainable energy.

At that forum, speakers acknowledged that achieving universal access to energy in LDCs will require human and financial resources, and strengthened institutions.

To meet the huge financing needs for sustainable energy in LDCs, they noted that a mix of financial options is needed, including leveraging different types of finance and fostering public-private partnerships. — TMR