BAKU, Azerbaijan, May 6. The Islamic Development Bank (IsDB) and the Asian Development Bank (ADB) have signed a $2 billion co-financing agreement aimed at accelerating development across their 14 common member countries, including Azerbaijan, the institutions announced during ADB’s 58th Annual Meetings in Milan, Trend reports.
The memorandum of understanding (MoU), signed by Ibrahim Ali Shoukry, IsDB’s Director of Partnerships, Global Advocacy and Resource Mobilization, and Xinning Jia, ADB’s Director General for Strategy, Policy, and Partnerships, reflects a renewed commitment to deepening collaboration on high-impact projects.
The agreement prioritizes several key areas, including sustainable infrastructure, digital transformation, gender and youth empowerment, and regional economic integration. According to the institutions, the initiative seeks to improve efficiency and maximize the development impact of joint investments.
The partnership is also expected to play a key role in bridging resource gaps and scaling up advocacy efforts in support of sustainable development goals. With shared membership in countries such as Azerbaijan, Kazakhstan, Uzbekistan, and Türkiye, both banks aim to align their strategies for broader regional impact.
IsDB and ADB have jointly invested in numerous projects over the years, and the new agreement will help streamline future cooperation, especially in regions facing overlapping development challenges.