Bandar Seri Begawan, Brunei Darussalam, 28 August 2024 – The Islamic Development Bank (IsDB) and the State of Brunei Darussalam have signed a Memorandum of Understanding (MoU) for a strategic partnership and Country Engagement Framework (CEF) as the main framework for their future medium-term cooperation during 2025-2030 period.

The document was signed on 28 August 2024 in Bandar Seri Begawan, the capital city of Brunei, between IsDB President H.E. Dr. Muhammad Al Jasser and the Honorable Dato Seri Setia Dr. Haji Mohd Amin Liew bin Abdullah, Minister at the Prime Minister’s Office and Minister of Finance and Economy II.

The MOU aims to spur the cooperation and lay the groundwork for effective strategic partnership under a CEF whose main areas of mutual priority programs include promoting Islamic finance; supporting the ecosystem for small and medium-term enterprises (SMEs); fostering regional economic cooperation and integration; tackling climate change through mitigation and adaptation schemes; while enhancing capacity development; ICT and digitalization; as well as empowering women and youth.

The IsDB President expressed during his meeting with the Honorable Dato Seri Setia Dr. Haji Mohd Amin Liew bin Abdullah, his thanks and appreciation for the strong support to the IsDB Consultative Mission that took place in May 2024. He then stated that the signing of the CEF is aligned with Brunei Darussalam’s Wawasan 2035 Vision and Mid-term Development Plan which provide a roadmap for the cooperation between Brunei and IsDB Group. 

“The successful signing of the MoU for Brunei CEF is a testament to our shared commitment. The IsDB Group intends to finalize the ongoing Country Engagement Framework (CEF) in 2024 to explore and firm up the priorities and cooperation areas with the Government of Brunei Darussalam,” the IsDB President emphasized .   

 As part of his high-level engagements, H.E. Dr. Muhammad Al Jasser, held separate meetings with Honorable Dato Seri Setia Haji Ahmaddin bin Haji Abdul Rahman, Minister of Home Affairs; and the Honorable Pehin Udana Khatib Dato Paduka Seri Setia Uztaz Haji Badaruddin bin Pengarah Dato Paduka Haji Othman, Minister of Religious Affairs (MORA) where issues of mutual interest were discussed.   

The IsDB President’s visit to Brunei Darussalam and the signing of the MOU in preparation of the country’s CEF, mark a new chapter of cooperation between IsDB Group and  Brunei as an essential and preeminent member country.

Brunei Darussalam has been an IsDB member country since April 1986 and is accelerating economic diversification and seeking new drivers for further economic growth.

IsDB Group and Bank Islam Brunei Darussalam (BIBD) – the largest bank in Brunei -  are to co-host the IsDB Group Day event in Darussalam on 12 September 2024 to showcase mutual achievements and discuss future opportunities for collaboration.

Media Opportunities:

Ahmad Abu Ghazaleh, IsDB Communications and Outreach Department.

Email: aghazaleh@isdb.org

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