JEDDAH: The Islamic Development Bank (IsDB) Group and the World Bank Group have signed two strategic agreements to expand joint development financing and advance sustainable development initiatives across shared member countries.
The agreements were signed by Islamic Development Bank (IsDB) Group President Dr Muhammad Al Jasser and World Bank Group President Ajay Banga on the sidelines of the 2026 Annual Meetings of the World Bank Group and the International Monetary Fund in Bangkok, Thailand, the Saudi Press Agency (SPA) reported on Friday.
The first agreement extends the memorandum of understanding between the two institutions until October 2028. It is supported by a joint action plan for 2026–2028, focusing on public-sector co-financing, private-sector investment, knowledge sharing and institutional capacity-building.
The Islamic Development Bank (IsDB) Group and the @WorldBankGroup signed two agreements to deepen institutional cooperation, expand joint development financing, and accelerate sustainable development across shared member countries.
The agreements were signed by H.E. Dr. Muhammad Al Jasser, Chairman of the #IsDB Group, and Mr. Ajay Banga, President of the World Bank Group, on the sidelines of the 2026 #WBGMeetings and #IMFMeetings in #Bangkok.
The agreements include:
🔹 Renewal of the Memorandum of Understanding (MoU): Extending the strategic partnership through October 2028, supported by a Joint Action Plan for 2026–2028 focused on co-financing, private sector development, knowledge sharing, and capacity building.
🔹 Co-Financing Framework Agreement (CFA): Strengthening the framework for jointly financed development projects, streamlining operational processes, and facilitating more efficient project preparation and implementation.Building on more than US$9.5 billion in joint financing under the previous MoU, exceeding the original US$6 billion target, the renewed partnership will mobilize additional resources, accelerate implementation, and deliver greater development impact across shared member countries through joint flagship programs.
— IsDB Group (@isdb_group) October 16, 2026
The second agreement establishes a co-financing framework aimed at streamlining operational procedures and improving the efficiency of implementing joint projects.
The agreements build on sustained cooperation between the two institutions since October 2023, during which joint financing exceeded $9.5 billion, surpassing the initial target of $6 billion.
Priority areas under the renewed framework include regional connectivity and infrastructure, the energy transition, food and water security, human capital development, digital transformation and job creation.
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Through this partnership, both multilateral institutions aim to mobilise additional capital, encourage private-sector investment, align technical resources and accelerate project implementation to achieve lasting socio-economic benefits across their member countries.
