Doha, May 14, 2024 – The Islamic Development Bank (IsDB) and Qatar signed a memorandum of understanding (MoU) on strategic cooperation during the Qatar Economic Forum 2024. The agreement aims to develop a comprehensive Member Country Partnership Strategy (MCPS) for 2024-2028.

 H.E. Dr. Muhammad Al Jasser, IsDB Chairman, and H.E. Ali bin Ahmed Al Kuwari, Qatar’s Finance Minister and IsDB Governor, signed the MoU, aligning it with Qatar's National Vision 2030 and the IsDB's 2023-2025 strategy.

"This partnership with Qatar marks a significant milestone," said Al Jasser. "The MCPS highlights Qatar’s role in promoting South-South cooperation and sustainable economic development."

 Al Kuwari stated, "The IsDB Group partnership with Qatar is a significant step forward in our shared commitment to sustainable economic transformation and fostering South-South cooperation. This strategy reaffirms our dedication to achieving sustainable economic development in IsDB member countries. We are confident that it will leverage our partnerships and resources to drive innovation, create new opportunities, and contribute to the broader development agenda of the IsDB."

 The IsDB Group's partnership strategy with Qatar is themed "Leveraging Partnerships for Economic Transformation and International Cooperation." The MCPS will focus on two pillars and three cross-cutting areas:

Pillars:

1. Supporting sustainable economic transformation in Qatar.
2. Enhancing South-South cooperation for development in other member countries

Cross-cutting areas:

• Integrating women and youth in economic transformation and cooperation for development
• Supporting climate change mitigation and adaptation efforts
• Developing human and institutional capacities for economic transformation

The IsDB Group will target energy transition, food security, and economic diversification in Qatar by partnering with private and financial sectors. Additionally, the IsDB Group aims to collaborate with the Qatari government and other national stakeholders to promote economic and social development in selected member countries.

 The Qatar MCPS is an ambitious plan that reinforces the deep, historic ties between Qatar and the IsDB Group. It demonstrates their commitment to advancing Qatar's economy through partnerships for economic transformation and international cooperation. This MoU underscores the IsDB Group's dedication to increasing collaboration, overcoming challenges, and seizing new opportunities by working closely with various stakeholders.