Jeddah – (Nov. 2) – The Presidents of the African Development Bank Group (AfDB), Dr Sidi Ould Tah, and the Islamic Development Bank Group (IsDB), Dr Muhammad Al Jasser, held talks in Jeddah, focusing on US$4 billion joint financing and implementation of projects in 27 African member countries.
The two leaders, meeting at IsDB’s headquarters, reviewed the 2024–2029 Cooperation Framework, which provides for a co-financing target of US$4 billion for sovereign and non-sovereign operations. Approved operations total US$2.65 billion, representing 66 per cent of the target.
The visit builds on the Joint Declaration of January 2026 between the Bank Group and the Arab Coordination Group, of which the IsDB is a member. The IsDB also emphasised the importance of translating this Arab-African partnership into concrete co-financing and resource mobilisation initiatives.
“The AfDB is a strategic partner of the IsDB Group in advancing Africa’s development priorities,” said Dr Al Jasser, following the meeting. “We want to build on this strong partnership to increase co-financing, strengthen project preparation and implementation, and mobilise more public and private capital, in order to achieve a tangible and sustainable impact on development in the member countries of our two institutions.”
During a ‘fireside chat’ organised by the IsDB, Dr Ould Tah discussed this cooperation and ways to enhance its impact. “We are pleased with the progress made. A memorandum of understanding has been signed, and the target of $4 billion has already been achieved, with 66 per cent of this reached in less than two years,” he said.
“This proves that we can do much better.” Dr Ould Tah expressed confidence that by working together, the two groups could pursue more ambitious co-financing targets, strengthen coordination on the ground and mobilise other partners, notably the Arab Coordination Group, where the IsDB plays a leading role. He also thanked Dr Al Jasser and the IsDB for their support.
Dr Ould Tah also presented the New African Financial Architecture for Development (NAFAD), which was approved by the Bank Group’s Board at its Annual Meetings in Brazzaville in May. African Heads of State adopted NAFAD earlier in February in Addis Ababa, and leaders of the African financial ecosystem adopted it in April 2026 at the Abidjan Consensus. The eleven-point Consensus aims at mobilising Africa’s domestic savings to bridge a funding gap estimated at $400 billion annually. Dr Ould Tah said: “Africa does not lack resources; it lacks instruments and coordination.”
Turning to the Arab Coordination Group, he commended projects that address people’s basic needs: water, health, education, sanitation, agriculture and infrastructure. He also proposed regular meetings to review progress and strengthen mutual trust. “We must not duplicate evaluation, procurement or due diligence processes,” he emphasised. “We must complement one another.”
