The Asian Infrastructure Investment Bank (AIIB) and the Islamic Development Bank (IsDB) Group have reaffirmed their commitment to jointly coordinate global action as part of the multilateral development bank (MDB) system and enhance their strategic partnership for the common goal of promoting sustainable development.
AIIB President and Chair of the Board of Directors Jin Liqun and IsDB President, H.E. Dr. Muhammad Al Jasser met in Beijing, China, on January 22 to sign a memorandum of understanding (MOU) between AIIB and IsDB that builds on an earlier initial document signed in 2018.
The MOU aims to renew and complement the existing framework of cooperation through cofinancing activities with a focus on i) strengthening both sustainable and climate-resilient infrastructure, ii) reducing the digital infrastructure gap in Asia, iii) enabling regional cooperation through cross-border trade and connectivity and iv) facilitating joint efforts to scale up resource mobilization.
As part of the MOU, both parties signaled an intention to jointly develop an action plan based on the mutually agreed focus areas and explore further opportunities for collaboration in areas of mutual interest.
“We welcome this opportunity to deepen the collaboration with our valued partner, the Islamic Development Bank,” said AIIB’s President Jin. “This agreement reaffirms our commitment to support sustainable development. As multilateral development banks, we have a shared responsibility to leverage our collective resources and expertise to address the most press challenges of our time.”
IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, meanwhile, stated: "Today's signing of the MoU with AIIB heralds a major stride in our collective journey toward sustainable global development. This collaboration underscores our dedication to bridging development disparities, with a specific focus on enhancing climate resilience, fostering digital innovation and stimulating cross-border trade among our 27 common member countries."
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is financing the Infrastructure for Tomorrow—infrastructure with sustainability at its core. We began operations in Beijing in January 2016 and have since grown to 109 approved members worldwide. We are capitalized at USD100 billion and rated Triple A by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.
About Islamic Development Bank (IsDB) Group
Rated AAA by the major rating agencies of the world, the Islamic Development Bank is the pioneering multilateral development bank of the Global South that has been working for nearly 50 years to improve the lives of the communities it serves by delivering impact at scale. The Bank brings together 57 Member Countries across four continents, touching the lives of nearly 1 in 5 of the world population. Its mission is to equip people to drive their own economic and social progress at scale, putting the infrastructure in place enabling them to fulfil their potential. Headquartered in Jeddah, Kingdom of Saudi Arabia, IsDB has regional hubs and a center of excellence in 11 of its Member Countries. Over the years, the Bank has evolved from a single entity into a group comprising five entities: Islamic Development Bank (IsDB), the Islamic Development Bank Institute (IsDBI) tasked with research and training, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC).