Riyadh, Kingdom of Saudi Arabia, 26 April 2024 – The Islamic Development Bank (IsDB) and Saudi Fund for Development (SFD) signed a Memorandum of Understanding (MoU) on Friday, 26 April 2024, establishing a collaborative framework between the two institutions

The signing took place between IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, and SFD Executive Director, H.E. Sultan bin Abdelrhman Almorshid, in the runner up to the IsDB Group 2024 Annual Meetings which come in conjunction with the Bank’s 50^th Anniversary Golden Jubilee.

 This memorandum aims to enhance bilateral cooperation between IsDB and SFD in addition to their joint work within the Arab Coordination Group.

The agreement covers many areas of cooperation such as joint financing, policy coordination, capacity development, exchange of expertise, and sharing experiences, especially in evaluating operations, procurement procedures, and following up on the impact of projects.

One of the most important areas on which the (MoU) focuses is to enhance mutual cooperation amongst the countries of the South and triangular cooperation within the framework of the “Kingdom of Saudi Arabia Global Expertise” initiative, which will contribute to achieving the Kingdom’s Vision 2030.

HE. Dr. Al Jasser thanked the joint team that prepared the memorandum of understanding and urged them to continue collaborating to prepare a work program and quantitative goals that can be measured and evaluated, the most important of which is setting a goal for the amount of joint financing.

The IsDB President then emphasized IsDB’s commitment and readiness to work closely with the Saudi Fund for Development to achieve the common goals and interests of the two institutions and their member states.