Milan, Italy, 4 May 2025 – The Islamic Development Bank (IsDB) and the Asian Development Bank (ADB) renewed their development commitment by pledging to dedicate US $1 Billion each in cofinancing of joint operations in their Common Member Countries through 2030. The new investments aim to enhance the effectiveness, impact, efficiency, and sustainability of their development operations.

The Memorandum of Understanding (MoU) was signed by Ibrahim Ali Shoukry, Director of Partnerships, Global Advocacy and Resource Mobilization Department at IsDB, and  Xinning Jia, ADB’s Director General for Strategy, Policy, and Partnerships.

The signing ceremony took place in Milan, Italy on the sidelines of ADB’s 58^th Annual Meeting of the Board of Governors.   IsDB and ADB Common Member Countries include Afghanistan, Azerbaijan, Bangladesh, Brunei Darussalam, Indonesia, Kazakhstan, Kyrgyz Republic, Malaysia, Maldives, Pakistan, Tajikistan, Türkiye, Turkmenistan, and Uzbekistan.

Under the MoU, IsDB and ADB will work closely through programmatic cofinancing to share ideas, values, and resources to help finance the development of their countries of common membership.

Speaking during the ceremony, Ibrahim Ali Shoukry stated, "This MoU is a critical step in our partnership with ADB. By combining our resources and expertise, we can drive impactful development projects that will benefit our member countries and foster sustainable economic growth. Our commitment to cofinancing joint operations demonstrates our dedication to achieving shared prosperity and resilience in the face of global challenges."

"This partnership MOU marks a significant milestone in our collaboration with IsDB," said Xinning Jia, Director General of ADB's Strategy and Policy Department. "By leveraging our collective expertise and resources, we are committed to addressing critical development challenges, driving innovative financing solutions, and fostering economic growth across Asia. Our shared vision is to create lasting, meaningful impacts that will improve the lives of millions in our common-member countries."

The MoU is expected to facilitate collaboration between the Parties to promote programs and activities that foster cooperation between them, with a focus on optimizing and strengthening sustainable infrastructure, reducing the digital infrastructure gap, empowering youth and women, enabling regional integration and cross-border trade and cooperation, and joint efforts in scaling-up partnerships, global advocacy, and resource mobilization.

About ADB

ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—49 from the region.