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Saudi Arabia-based Islamic Development Bank (IsDB) is ready to work with governments to co-develop mining opportunities that are "innovative and future-proof," Group Chairman Muhammad Al Jasser has said.
Speaking during a panel discussion at the Future Minerals Summit in Riyadh last week, Al Jasser said partnerships with countries with mining competencies looking to expand their industries, could prove beneficial.
"Financing exploration activities, subsequent mineral discoveries could result in significant payouts for all parties involved,” he said,
The multi-lateral development bank has provided $500 million for financing mining sector projects (phosphate and iron ore) in several member countries including Saudi Arabia, Tunisia, and Mauritania.
Al Jasser pointed out that out of the total financing of about $157 billion disbursed since the bank’s inception, $24.4 billion have been allocated to the industry and mining sector, adding that the Bank’s member countries currently handle 11 percent of the world mining production.
“Under the Public-Private Partnership (PPP) modality, to date, IsDB has provided $500 million for financing mining sector projects (phosphate and iron ore) in several member countries including the Kingdom of Saudi Arabia, Tunisia, and Mauritania,” he stated.
He also pointed out that the total business insured by IsDB’s insurance arm, ICIEC has reached about $80 billion while its contribution to the minerals sector has exceeded $3.9 billion.
(Writing by SA Kader; Editing by Anoop Menon)
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