IsDB and AIIB Forge Deeper Ties for Sustainable Development

Beijing, China, January 22, 2024 – In a step towards reinforcing commitment to sustainable development and amplifying collaboration among Multilateral Development Banks (MDBs), Islamic Development Bank (IsDB) President, H.E. Dr. Muhammad Al Jasser, visited the Asian Infrastructure Investment Bank (AIIB) Headquarters in Beijing.

During his visit, the IsDB President met with AIIB President Mr. Jin Liqun to reiterate commitment to working together and strengthening the existing partnership between the two institutions.

President Al Jasser applauded the partnership with AIIB, which recently resulted in co-financing an important health system transformation project in Indonesia. The initiative marked the largest approval in IsDB’s history and is an exemplary model for MDB co-financing.

He also expressed satisfaction with the collaboration in undertaking a Central Asia Connectivity Mapping Study, aimed at identifying niche areas for connectivity investments and capacity building. This effort involved IsDB, AIIB, and MCDF in close coordination with other regional actors.

Furthermore, President Al Jasser congratulated AIIB for the recent launch of its innovative partnership platform, AIIB+. He welcomed the proposal to participate in the MDB collaborative co-financing platform, involving a digital marketplace and co-financing forum.

 These initiatives signify a commitment to embracing technological advancements and collaborative efforts to address the challenges faced by member countries.

Elsewhere in his remarks, Dr. Al Jasser underscored the crucial role of Sukuk in financing sustainable development, highlighting IsDB's 2024 funding program. He encouraged AIIB to participate in IsDB Sukuk issuance and explore the issuance of Sukuk as a resource mobilization tool, expressing IsDB's readiness to support and guide AIIB throughout the process.

During the visit, IsDB and AIIB also signed an MOU aiming to renew and complement the existing framework of cooperation through co-financing activities. The focus is on strengthening sustainable and climate-resilient infrastructure, reducing the digital gap in Asia, enabling regional cooperation through cross-border trade and connectivity, and facilitating joint efforts to scale up resource mobilization.