Volume of EDB Islamic financing until 2026 may be at least $1B

The volume of investments through Islamic finance instruments within the framework of the Eurasian Development Bank (EDB) on the horizon until 2026 may amount to at least $1 billion, Head of the EDB Nikolai Podguzov told reporters on the sidelines of the conference of investors - members of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP), Report informs referring to TASS.

“In terms of volumes, for example, the Islamic Development Bank (IDB) has invested about $6 billion in the countries of Central Asia since its foundation, the EDB has invested $20-25 billion in the countries of presence since 2006. Our strategy for the next years (2022-2026) involves an investment of $10 billion. I believe that we could make 20% of this volume through Islamic banking, including together with the IDB and other participants. Therefore, I think we could talk about investments in the amount of at least $1 billion,” he said.

Podguzov stressed that Islamic finance instruments are in high demand in Central Asia, so the EDB decided to open a branch in the bank this year in order to start providing financing for projects in the Islamic banking format together with the IDB.