IsDB President Dr. Muhammad Al Jasser, and the ADB President Mr. Masatsugu Asakawa, met virtually today to discuss bilateral relations and review the activities and initiatives implemented in joint Member countries.

Mr. Asakawa briefed IsDB President on the climate policy of ADB to face the challenges posed by climate change. He praised in this regard the coordination between the institutions in joint member countries.

Dr. Al Jasser congratulated Mr. Asakawa on his reelection for another term at the helm of the Asian Development Bank stressing that commitment of the two institutions for close cooperation and exchange of experiences among their corporate services will contribute to achieving their mission. He also touched on IsDB climate change initiatives including the issuance of green Sukuk to finance green projects, stating that by the year 2025 about 35 percent of the Bank’s finances will go for climate projects. Dr. Al Jasser commended the collaboration between the two institutions in co-financing projects in member countries calling for implementation of joint plan plans to promote cooperation and co-finaning of projects in common member countries.

The meeting agreed on renewing the framework agreement between the two institutions which will expire at the end of 2022, importance of supporting development and stability in Afghanistan,  increasing cooperation in their efforts for closing vaccine gaps between developed and least developed countries.  They also expressed satisfaction over the jointly implemented projects.

ADB and IsDB share 14 member countries: Afghanistan, Azerbaijan, Bangladesh, Brunei Darussalam, Indonesia, Kazakhstan, Kyrgyz Republic, Malaysia, Maldives, Pakistan, Tajikistan, Turkey, Turkmenistan, and Uzbekistan.  Turkey is a non-borrowing country for ADB.

Collaboration between IsDB with ADB started in the mid-1970s during the formative years of the Bank when it sought guidance on institution policies and procedures. The relationship has steadily grown, paving the way for closer coordination of activities and financing in their common member countries.