The Islamic Development Bank (IsDB) and the Asian Development Bank (ADB) have renewed their long-standing partnership by pledging US $1 billion each in co-financing for joint development operations in their Common Member Countries through 2030. The new investments aim to enhance the effectiveness, impact, efficiency, and sustainability of their development operations.
The Memorandum of Understanding (MoU) was signed by Ibrahim Ali Shoukry, Director of Partnerships, Global Advocacy and Resource Mobilization Department at IsDB, and Xinning Jia, ADB’s Director General for Strategy, Policy, and Partnerships. The signing ceremony took place in Milan, Italy, during the ADB’s 58th Annual Meeting of the Board of Governors. IsDB and ADB Common Member Countries include Afghanistan, Azerbaijan, Bangladesh, Brunei Darussalam, Indonesia, Kazakhstan, Kyrgyz Republic, Malaysia, Maldives, Pakistan, Tajikistan, Türkiye, Turkmenistan, and Uzbekistan.
The strengthened cooperation through the renewed co-financing allows for the exchange of ideas, values, and financial resources to accelerate development outcomes in member countries. The agreement will facilitate joint efforts in several priority areas, including strengthening sustainable infrastructure, bridging the digital divide, empowering youth and women, enhancing regional integration and cross-border trade, and scaling up global advocacy and resource mobilization.
Speaking during the ceremony, Ibrahim Ali Shoukry stated, "This MoU is a critical step in our partnership with ADB. By combining our resources and expertise, we can drive impactful development projects that will benefit our member countries and foster sustainable economic growth. Our commitment to co-financing joint operations demonstrates our dedication to achieving shared prosperity and resilience in the face of global challenges."
"This partnership MOU marks a significant milestone in our collaboration with IsDB," said Xinning Jia, Director General of ADB's Strategy and Policy Department. "By leveraging our collective expertise and resources, we are committed to addressing critical development challenges, driving innovative financing solutions, and fostering economic growth across Asia. Our shared vision is to create lasting, meaningful impacts that will improve the lives of millions in our common-member countries."
The IsDB, consisting of 57 members, and the ADB, 69 members, are leading multilateral development banks supporting sustainable, inclusive, and resilient growth across Africa, Asia and the Pacific. Working with members and partners to solve complex challenges together, both banks use innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and protect the environment.
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