BAKU, Azerbaijan, October 16. The Islamic
Development Bank (IsDB) and the World Bank Group have signed two
agreements aimed at expanding institutional cooperation and joint
financing of development projects.
This was stated in a post published by the Islamic Development
Bank on its LinkedIn page.
The documents were signed by IsDB Group Chairman (H.E. Dr.
Muhammad Sulaiman Al Jasser and World Bank Group President Ajay
Banga on the sidelines of the annual meetings of the World Bank
Group and the International Monetary Fund in Bangkok.
“The first agreement provides for the extension of the
memorandum of understanding through October 2028. The 2026–2028
Joint Action Plan covers co-financing, private sector development,
knowledge sharing, and capacity building.
The second agreement, a Joint Financing Framework Agreement
(CFA), aims to strengthen mechanisms for financing development
projects, streamline operational procedures, and improve the
efficiency of project preparation and implementation.
“Under the previous memorandum, the Islamic Development Bank and
the World Bank Group jointly financed projects totaling more than
$9.5 billion, exceeding the initial target of $6 billion,” the
statement said.
Meanwhile, it is noted that the renewed partnership calls for
mobilizing additional resources, accelerating project
implementation, and carrying out joint key programs in the
countries that are members of both organizations.
In October 2023, the World Bank Group and the Islamic
Development Bank announced a partnership to support joint
operations with a potential financing volume of up to $6 billion by
2026. The collaboration was aimed at improving the management of
water, energy, and food resources; developing skills and advancing
the digital transition; and expanding regional and cross-border
trade.
