IsDB and Comoros to Strengthen Cooperation in Improving Economic and Social Infrastructure

Riyadh, Kingdom of Saudi Arabia, 11 November 2023 – A meeting between the President of The Union of Comoros and Chairperson of the African Union, H.E. Azali Assoumani, and Islamic Development Bank President, H.E. Dr. Muhammad Al Jasser, in the capital city of Riyadh, Kingdom of Saudi Arabia, focused on how to consolidate development cooperation in strategic areas in line with the country’s national priorities.

During the meeting, the IsDB President stated that the Bank is keen to continue engaging with the Union of Comoros in strategic areas such as improving economic and social infrastructure as well as expediting the implementation of ongoing projects.

Dr. Al Jasser then congratulated President Azali Assoumani on his new role as Chairperson of the African Union as well as the African Union’s admission as a permanent member of the G20, an achievement that will give the continent a permanent voice on key global issues.

To date, the Bank has provided US$ 703 million of financing to the Union of Comoros for various development projects in the country of more than 800,000 people. The prospect of IsDB’s observer status with the African Union also featured during the talks in Riyadh as it will mutually benefit both organizations by further enhancing partnerships in favor of the African Continent’s Populations.

IsDB currently has 27 African member countries, and since 1976, it has been proactively contributing to the socio-economic development of the continent. So far, the Bank has invested more than US$ 67 billion in Africa in various sectors including infrastructure, agriculture, health, education, and energy. “The Bank’s mission is to promote economic growth, social development, and regional integration in Africa, and going forward, it could invest up to US$ 37 billion in the continent through 2030, excluding guarantees,” the IsDB President stated.