Islamic Development Bank and Asian Development Bank Pledge $2 Billion for Joint Development Projects
The Islamic Development Bank (IsDB) and the Asian Development Bank (ADB) have reaffirmed their commitment to development initiatives by pledging to allocate $1 billion each for joint funding operations through 2030. This strategic move aims to enhance the effectiveness, impact, efficiency, and sustainability of their developmental efforts across member countries.
The memorandum of understanding was signed by Ibrahim Ali Shukri, the Manager of Partnerships in the Global Outreach and Resource Mobilization Department at IsDB, and Shinning Jia, the General Director of Strategy, Policy, and Partnerships at ADB. The signing took place in Milan, Italy, during the annual meeting of the Asian Development Bank’s Board of Governors.
The member countries participating in this collaboration include Afghanistan, Azerbaijan, Bangladesh, Brunei Darussalam, Indonesia, Kazakhstan, the Kyrgyz Republic, Malaysia, the Maldives, Pakistan, Tajikistan, Turkey, Turkmenistan, and Uzbekistan. Through this agreement, IsDB and ADB intend to work closely together by engaging in programmatic co-financing and sharing ideas, values, and resources to support development within these member states.
During the signing ceremony, Ibrahim Shukri emphasized that this memorandum marks a significant step in their partnership with ADB. He noted that by merging their resources and expertise, they could drive effective developmental projects that benefit their member nations and foster sustainable economic growth. Shukri highlighted that their joint commitment to co-financing operations exemplifies a shared dedication to promoting common prosperity and resilience in the face of global challenges.
In his remarks, Shinning Jia elaborated on the memorandum’s significance, describing it as a crucial achievement in collaboration with IsDB. He pointed out that by leveraging shared expertise and resources, ADB is determined to address pressing development challenges, provide innovative financial solutions, and stimulate economic growth throughout Asia. The joint vision aims to create sustainable, meaningful impacts that enhance the lives of millions across member countries.
The memorandum is expected to streamline cooperation between IsDB and ADB, enhancing programs and activities that bolster mutual cooperation. Key focuses will include improving and strengthening sustainable infrastructure, addressing the digital infrastructure gap, empowering youth and women, fostering regional integration and trade, and promoting cross-border collaboration. Additionally, both institutions aim to expand partnerships and enhance global outreach and resource mobilization efforts.
By combining their strengths, both banks seek to facilitate a robust framework that not only addresses immediate development needs but also cultivates long-term resilience among member countries. This initiative reflects a broader commitment to utilizing financial instruments in ways that ensure aligned interests in tackling socio-economic challenges. The collaboration is set against a backdrop of increasing global interdependencies, highlighting the necessity for coordinated action in the pursuit of sustainable development.
Overall, the partnership between IsDB and ADB is poised to deliver substantial benefits to their member countries. By pooling resources and expertise, both banks aim to create a synergistic effect capable of generating meaningful improvements in the quality of life across a diverse range of socio-economic contexts. The collaborative effort symbolizes a promising step towards achieving impactful, sustainable development goals in an increasingly interconnected world.
