<\/p>\n
AfDB President Dr Sidi Ould Tah and IsDB President Dr Muhammad Al Jasser reviewed progress during talks at IsDB headquarters in Jeddah.<\/p>\n
<\/p>\n
The 2024-2029 Cooperation Framework targets $4 billion in financing for public and private-sector operations.<\/p>\n
<\/p>\n
Projects worth $2.65 billion have already been approved, representing 66% of the target. \u201cThe African Development Bank is a strategic partner of the IsDB Group in advancing Africa\u2019s development priorities,\u201d Al Jasser said.<\/p>\n
<\/p>\n
\u201cWe want to build on this strong partnership to increase co-financing, strengthen project preparation and implementation and mobilise more public and private capital.\u201d<\/p>\n
<\/p>\n
The two institutions aim to improve cooperation on project preparation, implementation and resource mobilisation to deliver measurable development benefits.<\/p>\n
<\/p>\n
Ould Tah said progress during the first two years demonstrated that the institutions could pursue more ambitious financing targets. \u201cThis proves that we can do much better,\u201d Ould Tah said.<\/p>\n
<\/p>\n
Ould Tah called for stronger coordination on the ground and greater participation by other development partners, particularly members of the Arab Coordination Group.<\/p>\n
<\/p>\n
The discussions built on a January 2026 declaration involving AfDB and the Arab Coordination Group, which called for stronger Arab-African financing cooperation.<\/p>\n
<\/p>\n
Ould Tah also presented the New African Financial Architecture for Development, an initiative designed to mobilise more domestic resources for the continent\u2019s development.<\/p>\n
<\/p>\n
African Heads of State adopted the initiative in Addis Ababa in February before leaders of Africa\u2019s financial institutions endorsed the 11-point Abidjan Consensus in April.<\/p>\n
<\/p>\n
The framework seeks to mobilise African savings to help close the continent\u2019s estimated annual financing gap of $400 billion. \u201cAfrica does not lack resources; it lacks instruments and coordination,\u201d Ould Tah said.<\/p>\n
<\/p>\n
Ould Tah commended Arab Coordination Group investments addressing water, healthcare, education, sanitation, agriculture and infrastructure.<\/p>\n
<\/p>\n
Ould Tah also proposed regular progress meetings and reduced duplication in project evaluation, procurement and due-diligence processes.<\/p>\n
<\/p>\n
\u201cWe must not duplicate evaluation, procurement or due diligence processes,\u201d Ould Tah said. \u201cWe must complement one another.\u201d<\/p>\n
<\/p>\n
–AfDB\/ChannelAfrica–<\/p>\n","protected":false},"featured_media":43167,"template":"","meta":{"_acf_changed":false,"_members_access_role":[],"_members_access_error":"","_links_to":"","_links_to_target":""},"news-type":[44],"class_list":["post-49784","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"The African Development Bank Group (AfDB) and Islamic Development Bank (IsDB) are advancing a $4 billion co-financing partnership covering development projects in 27 African countries.","published_date":"","news_description":"The African Development Bank Group (AfDB) and Islamic Development Bank (IsDB) are advancing a $4 billion co-financing partnership covering development projects in 27 African countries.","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/49784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":2,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/49784\/revisions"}],"predecessor-version":[{"id":49786,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/49784\/revisions\/49786"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/43167"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=49784"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=49784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}