Bangkok, Thailand, 16 October 2026 – The Islamic Development Bank (IsDB) Group and the World Bank Group (WBG) signed two agreements to strengthen their strategic partnership, expand joint development financing, and accelerate sustainable development across their shared member countries.

The agreements were signed by H.E. Dr. Muhammad Al Jasser, Chairman of the IsDB Group, and Mr. Ajay Banga, President of the World Bank Group, on the sidelines of the 2026 Annual Meetings of the World Bank Group and the International Monetary Fund (IMF) in Bangkok, Thailand.

The first agreement renews the Memorandum of Understanding (MoU) between the two institutions, extending their strategic partnership through October 2028. The renewal is supported by a Joint Action Plan for 2026–2028, establishing a results-oriented framework to strengthen cooperation in public sector co-financing, private sector development, knowledge sharing, and capacity building.

The second agreement, the Co-Financing Framework Agreement (CFA), aims to enhance the efficiency and effectiveness of jointly financed development operations by streamlining operational processes, strengthening coordination, and facilitating more efficient project preparation and implementation.

The renewed partnership builds on significant achievements under the previous MoU, signed in October 2023, through which the two institutions mobilized more than US$9.5 billion in joint financing, exceeding the original US$6 billion co-financing target.

Advancing Shared Development Priorities

Under the Joint Action Plan, the IsDB Group and the World Bank Group will deepen cooperation across priority sectors, including infrastructure and regional connectivity, energy access, food and water security, human development, digital transformation, and job creation.

The partnership will also strengthen collaboration under major development initiatives, including Mission 300, aimed at expanding electricity access in Africa; AgriConnect, focused on strengthening agricultural value chains and improving farmers’ access to markets; and Water Forward, which seeks to expand access to sustainable water services.

These initiatives will provide opportunities for the two institutions to combine their financial resources, technical expertise, and operational capabilities to support sustainable economic growth and strengthen resilience across their shared member countries.

Strengthening Development Financing and Institutional Cooperation

The two agreements mark an important step toward enhancing cooperation between the IsDB Group and the World Bank Group, with a particular focus on mobilizing additional development resources, strengthening private sector participation, and improving the effectiveness of jointly financed projects.

Through the renewed partnership, both institutions will also expand knowledge exchange, technical assistance, and institutional capacity-building initiatives to strengthen project preparation, implementation, and development outcomes.

The agreements reaffirm the shared commitment of the IsDB Group and the World Bank Group to advancing multilateral development cooperation, accelerating project delivery, and translating their strategic partnership into tangible and lasting development impact.