Riyadh, Kingdom of Saudi Arabia, 12 June 2023 – Islamic Development Bank (IsDB) President, H.E. Dr. Muhammad Al Jasser, and New Development Bank (NDB) President, H.E. Dilma Rousseff, met on the sidelines of the Arab-China Business Conference in Riyadh. The purpose of their meeting was to strengthen collaboration between the two institutions and explore co-financing opportunities.

During the meeting, Dr. Al Jasser highlighted the IsDB Group's efforts and recent initiatives in supporting member countries amidst multifaceted challenges. He mentioned the food security Response Program package and the IsDB's substantial financing contribution of US$ 13 billion to the overall Arab Coordination Group climate financing package of US$ 24 billion.

In addition, the IsDB president discussed the bank's prestigious AAA rating and emphasized the role of Sukuk issuance in raising capital and sovereign lending. The NDB President expressed interest in learning more about the Sukuk issuance mechanism.

Dr. Al Jasser stated that since its inception, the Bank has provided over US$ 170 billion in financing to support the development of various sectors. He expressed  the willingness of IsDB  to collaborate with the NDB in assisting the 57 member countries, particularly the 29 that are considered least developed.

The NDB President underscored the significance of investing in science, technology, and innovation, as well as creating high-quality jobs, addressing the knowledge gap, and improving digital connectivity. H.E. Dilma Rousseff emphasized the importance of cooperation and expressed interest in co-financing opportunities in member countries that are common to both institutions. She extended an invitation to Dr. Al Jasser to visit the NDB headquarters in Shanghai for further discussions aimed at strengthening partnerships and knowledge sharing.

Dr. Al Jasser welcomed the invitation and briefed the NDB President on the IsDB's commitment to promoting South-South cooperation among its member countries through the Reverse Linkage mechanism. This mechanism facilitates the exchange of expertise, knowledge, and technology among member countries.

The IsDB Group remains committed to strengthening collaboration with development partners, mobilizing additional financing as well as scaling up its own funding to support member countries in navigating development challenges and spurring sustainable economic growth.