Dubai, UAE, 1 December 2023 – The Islamic Development Bank (IsDB) Group and the UN Economic Commission for Africa (UNECA) are aspiring to further coordinate and synergize their cooperation in the African continent’s socio-economic development particularly through South-South and Triangular Cooperation.

A meeting on the sidelines of the COP28 events between IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, and Under Secretary General of the United Nations & Executive Secretary of the Economic Commission for Africa, Mr. Claver Gatete, centered on boosting the ongoing cooperation between the two leading development bodies.

“We look forward to capitalizing more on the comparative advantages of IsDB and the United Nations Economic Commission for Africa (UNECA) in different sectors through the exchange of information, closer collaboration, and potential parallel financing of activities,” stated Dr. Muhammad Al Jasser at the bilateral meeting.

He then stated that the Bank is looking forward to enhancing collaboration with the UNECA with a joint action plan.  

The United Nations Economic Commission for Africa (UNECA) was established in 1958 by the United Nations Economic and Social Council (ECOSOC) to encourage economic cooperation among its member states (the nations of the African continent) following a recommendation of the United Nations General Assembly.

Established in 1976, the Islamic Development Bank currently has 57 member countries 27 of whom are located in Africa. The cooperation between IsDB and UNECA dates back to April 1987 when the two international bodies signed a memorandum of understanding for an indefinite duration and have since partnered in many groundbreaking development initiatives.

One instance of this cooperation is the African Continental Free Trade Area (AfCFTA) spearheaded by IsDB’s international trade arm, ITFC, covering several African countries including, Tunisia, Togo, Senegal, Niger, Mauritania, Guinea, and Burkina Faso.