{"id":109526,"date":"2024-04-28T11:39:58","date_gmt":"2024-04-28T11:39:58","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/all-news\/global-infrastructure-financing-gap-to-be-around-15t-by-2040-head-of-islamic-bank"},"modified":"2024-04-28T12:12:19","modified_gmt":"2024-04-28T12:12:19","slug":"global-infrastructure-financing-gap-to-be-around-15t-by-2040-head-of-islamic-bank","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/global-infrastructure-financing-gap-to-be-around-15t-by-2040-head-of-islamic-bank","title":{"rendered":"Global infrastructure financing gap to be around $15T by 2040: head of Islamic bank"},"content":{"rendered":"

Africa-Press – Tanzania. <\/strong><\/span>The world needs long-term solutions and sustainable infrastructure projects, as global infrastructure financing gap is estimated to be around $15 trillion by 2040, the head of the Islamic Development Bank (IsDB) Group said.<\/p>\n

Financing these sustainable infrastructure projects requires a paradigm shift, Muhammad Al Jasser said at the bank’s annual meeting and golden jubilee event in Saudi Arabia\u2019s capital Riyadh on Saturday.<\/p>\n

\u201cTraditional public financing mechanisms fall short of meeting the growing demand for infrastructure projects,” he said, adding that to address these challenges and mobilize sufficient funding for long-term investments, the world needs a fresh approach.<\/p>\n

“This is where Islamic finance emerges as a ray of light. Its asset-based and risk-sharing principles perfectly align with the needs of least-developed countries for long-term infrastructure projects,\u201d Al Jasser said.<\/p>\n

“Furthermore, Islamic finance, with its emphasis on environmental responsibility, is perfectly positioned to support these endeavors,” he added.<\/p>\n

He recalled that for the last five decades, the IsDB has championed Islamic finance. “Our strategy revolves around forging strong partnerships, fostering financial markets, and empowering the private sector.”<\/p>\n

He said that the world stands at a crossroads; the COVID-19 pandemic exposed vulnerabilities in infrastructure, draining public resources and reversing development progress.<\/p>\n

“One-third of least-developed countries are now worse off than pre-pandemic. Without immediate action, their development outlook could further deteriorate,” Al Jasser said.<\/p>\n

He added that least-developed countries hold tremendous economic potential waiting to be unleashed.<\/p>\n

“Boosting investments in social and physical infrastructure is key to reducing poverty, enhancing health and education, and creating jobs,\u201d he said, adding: “It also strengthens resilience against future shocks, such as pandemics and climate change.”<\/p>\n

For More News And Analysis About Tanzania<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. The world needs long-term solutions and sustainable infrastructure projects, as global infrastructure financing gap is estimated to be around $15 trillion by 2040, the head of the Islamic Development Bank (IsDB) Group said. Financing these sustainable infrastructure projects requires a paradigm shift, Muhammad Al Jasser said at the bank’s annual meeting and […]<\/p>\n","protected":false},"author":84,"featured_media":109525,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6990,6991,9725,11912,1019,9726,9724,11915,711],"class_list":["post-109526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press-2","tag-africa-press-tanzania","tag-annual-meeting","tag-golden-jubilee","tag-infrastructure","tag-isdb","tag-muhammad-al-jasser","tag-project","tag-tanzania"],"yoast_head":"\nGlobal infrastructure financing gap to be around $15T by 2040: head of Islamic bank - Tanzania<\/title>\n<meta name=\"description\" content=\"The world needs long-term solutions and sustainable infrastructure projects, as global infrastructure financing gap is 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