Algiers, Algeria - May 20, 2025:  At a high-level ceremony held in Algiers and in the presence of the Prime Minister H.E. Nadir Larbaoui, the Strategic Cooperation Framework between the Islamic Development Bank Group and the People's Democratic Republic of Algeria for the period spanning 2025–2027 was officially signed today, marking the beginning of a new phase of an advanced development partnership between the two sides. 

This partnership framework brings together the Islamic Development Bank, the Islamic Corporation for the Development of the Private Sector (ICD), the International Islamic Trade Finance Corporation (ITFC), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Solidarity Fund (ISF), and the Islamic Development Bank Institute (IsDB). 

The partnership embodies the Bank Group's commitment to support Algeria's efforts toward achieving comprehensive and sustainable economic and social development. 

The new cooperation framework is based on two main pillars: 

1. Supporting sectors that enhance competitiveness, economic diversification, infrastructure, and private sector development. 

2. Strengthening partnerships for human capital development and regional cooperation. 

The partnership also encompasses four supporting axes, including: 

• Promoting Islamic finance ecosystem 

• Supporting climate change adaptation and mitigation efforts 

• Empowering women and youth 

• Developing institutional capacities and building competencies 

During the signing ceremony, the two parties affirmed their commitment in working together to implement this partnership framework effectively and in a coordinated manner, while respecting each party's internal systems and procedures. 

The agreement was signed by H.E. Abdelkrim Boulazard, Minister of Finance, representing the People's Democratic Republic of Algeria, and H.E. Dr. Mohammed Al-Jasser, Chairman of the Islamic Development Bank Group, representing the Group. 

This event marks a significant milestone in bilateral cooperation and is expected to open new horizons for strengthening the strategic partnership between Algeria and the Islamic Development Bank Group, benefiting the national economy and Algerian society as a whole.