Saudi Arabia: Islamic Development Bank signs MoU with SFD

The Islamic Development Bank (IsDB) and the Saudi Fund for Development (SFD) signed a memorandum of understanding (MoU) to strengthen their cooperation.

This initiative is part of the activities celebrating the 50th anniversary of the Saudi Fund for Development.

The Islamic Development Bank president Mohammed Al-Jasser stated that the MoU covers various areas of cooperation, including joint financing, policy coordination, capacity development, exchange of expertise, and sharing of experiences, as reported by the Saudi Press Agency (SPA).

Additionally, the agreement aims to enhance trilateral cooperation among the countries of the Global South.

The Bank and the Fund agreed to support the Bank’s member countries by leveraging Saudi Arabia’s expertise and development solutions in sectors such as health, digital transformation, water desalination, vocational education, and more.

Al-Jasser reiterated the Islamic Development Bank Group’s commitment and readiness to work closely with the Fund to promote common goals and interests in the service of member countries benefiting from development projects.

Islamic Development Bank, is an Islamic bank directed toward financing the economic and social development of members by the principles of the Shariah (Islamic sacred law).

The bank headquartered is in Saudi Arabia’s Jeddah and formally opened in October 1975. Its member nations are drawn from the ranks of those states belonging to the Organization of the Islamic Conference.