AIIB, IsDB Strengthen Sustainable Development Partnership
The Asian Infrastructure Investment Bank (AIIB) and the Islamic Development Bank (IsDB) Group have reaffirmed their commitment to jointly coordinate global action as part of the multilateral development bank (MDB) system and enhance their strategic partnership for the common goal of promoting sustainable development.
AIIB President and Chair of the Board of Directors Jin Liqun and IsDB President, H.E. Dr. Muhammad Al Jasser met in Beijing, China, on January 22 to sign a memorandum of understanding (MOU) between AIIB and IsDB that builds on an earlier initial document signed in 2018.
The MOU aims to renew and complement the existing framework of cooperation through cofinancing activities with a focus on i) strengthening both sustainable and climate-resilient infrastructure, ii) reducing the digital infrastructure gap in Asia, iii) enabling regional cooperation through cross-border trade and connectivity and iv) facilitating joint efforts to scale up resource mobilization.
As part of the MOU, both parties signaled an intention to jointly develop an action plan based on the mutually agreed focus areas and explore further opportunities for collaboration in areas of mutual interest.
“We welcome this opportunity to deepen the collaboration with our valued partner, the Islamic Development Bank,” said AIIB's President Jin. “This agreement reaffirms our commitment to support sustainable development. As multilateral development banks, we have a shared responsibility to leverage our collective resources and expertise to address the most press challenges of our time.”
IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, meanwhile, stated: "Today's signing of the MoU with AIIB heralds a major stride in our collective journey toward sustainable global development. This collaboration underscores our dedication to bridging development disparities, with a specific focus on enhancing climate resilience, fostering digital innovation and stimulating cross-border trade among our 27 common member countries."
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