IsDB, WB to expand co-financing of development projects in member countries

The Islamic Development Bank (IsDB) Group and the World Bank Group have signed two agreements to deepen institutional cooperation, expand joint development financing, and accelerate sustainable development across shared member countries, Report informs citing the IsDB.

The signing took place between IsDB Group President Muhammad Al Jasser and World Bank Group President Ajay Banga on the sidelines of the 2026 Spring Meetings of the World Bank and the International Monetary Fund (IMF) in Bangkok.

The signed package of documents provides for the extension of the Memorandum of Understanding until October 2028, supported by a Joint Action Plan for 2026–2028. The plan focuses on co-financing, promoting private sector development, sharing expertise, and building institutional capacity. In addition, a co-financing framework agreement was signed, aimed at improving mechanisms for implementing joint projects, simplifying operational procedures, and enhancing the quality of initiative preparation.

Building on more than $9.5 billion in joint financing under the previous MoU, exceeding the original $6 billion target, the renewed partnership will mobilize additional resources, accelerate implementation, and deliver greater development impact across shared member countries through joint flagship programs.

Azerbaijan has been a member of both organizations since 1992.