Beijing, China, 22 January 2024 – The Islamic Development Bank (IsDB) and the Multilateral Cooperation Center for Development Finance (MCDF) pledged to strengthen their partnership, with a focus on promoting sustainable infrastructure and connectivity projects in developing countries, particularly in Central Asia.

In a meeting between IsDB President Dr. Muhammad Al Jasser and MCDF CEO Zhongjing Wang, both parties discussed deepening bilateral cooperation and IsDB's full accreditation to MCDF. The move highlights a growing alliance aimed at boosting cross-border infrastructure development.

Established in 2020, MCDF leverages partnerships to drive high-quality connectivity investments in developing nations. Saudi Arabia and Egypt are key contributors to the organization's finance facility.

Dr. Al Jasser expressed appreciation for the good partnership, noting IsDB's plans for new regional integration programs like the Central Asian Connectivity (CAC) initiative. IsDB, he said, is exploring a regional project pipeline in Central Asia for 2024, prioritizing transport, renewable energy, and ICT sectors.

"The countries in this region require well-designed cross-border connectivity projects in these specific areas," Dr. Al Jasser emphasized.

IsDB also aims to become a full implementing partner of MCDF, aligning with the organization's strict Environmental and Social Safeguards (ESS) standards. This collaboration will enable IsDB to deliver improved services and development solutions to its 57 member countries.

The IsDB-MCDF partnership paves the way for accelerated infrastructure development in developing nations, with Central Asia poised to be a key beneficiary. With a focus on sustainability and social responsibility, the alliance promises to drive inclusive economic growth and prosperity across the region.