IDB, ADB invest in Asia's sustainable future: $2 billion for joint projects

The Islamic Development Bank (IDB) and the Asian Development Bank (ADB) have signed a Memorandum of Understanding (MoU) to jointly finance projects worth \$1 billion each by 2030.

The initiative aims to enhance the effectiveness, impact, and sustainability of projects in the countries that are joint members of both organisations, Caliber.Az reports, citing local media.

The countries that are joint members of both the IDB and ADB include: Azerbaijan, Afghanistan, Bangladesh, Brunei Darussalam, Indonesia, Kazakhstan, Kyrgyzstan, Malaysia, Maldives, Pakistan, Tajikistan, Türkiiye, Turkmenistan, and Uzbekistan.

The signing took place during the 58th Annual Meeting of the ADB Board of Governors in Milan. The MoU was signed by Ibrahim Ali Shukri, Director of Partnerships, Global Representation, and Resource Mobilisation at the IDB, and Sinning Zjia, Director General of Strategy, Policy, and Partnerships at the ADB.

According to the agreement, the two sides will closely cooperate in co-financing programs, combining resources, knowledge, and approaches to promote sustainable development in the joint member countries.

"This memorandum is an important step in our partnership with the ADB. By pooling our resources and expertise, we will be able to implement meaningful projects that bring tangible benefits to member countries and contribute to sustainable economic growth. Joint financing underscores our commitment to the ideas of shared prosperity and resilience in the face of global challenges," said I.A. Shukri.

Meanwhile, S. Zjia emphasised the importance of the signed agreement:

"This is a new phase in our cooperation with the IDB. By combining experience and resources, we aim to address key development challenges, introduce innovative financial solutions, and stimulate economic growth across Asia. Our shared goal is to create long-lasting and meaningful changes in the lives of millions of people."

The agreement is aimed at developing sustainable infrastructure, reducing digital inequality, expanding opportunities for youth and women, deepening regional integration and cross-border trade, as well as strengthening global partnerships and mobilising additional resources.

By Khagan Isayev