Press ReleaseIslamic Development Bank Group and New Development Bank Sign MoU to Strengthen Cooperation in Infrastructure and Sustainable Development

Jeddah, Kingdom of Saudi Arabia, 10 December 2025 - The Islamic Development Bank (IsDB) Group, headquartered in Jeddah, Kingdom of Saudi Arabia, and the New Development Bank (NDB) based in Shanghai, China, have formalized their strategic partnership by signing a Memorandum of Understanding (MoU) to strengthen collaboration on infrastructure and sustainable development initiatives in countries of mutual interest.

The Memorandum reflects the shared commitment of both multilateral development banks to promoting economic growth and social progress. It also establishes a comprehensive framework to facilitate joint operations, co-financing, technical cooperation, and knowledge-sharing activities.

The signing took place in IsDB Group headquarters in Jeddah, Kingdom of Saudi Arabia, between IsDB Vice President Operations, Dr.Rami Ahmad, and NDB Vice President & Chief Risk Officer, Dr. Rajiv Ranjan.

The MoU sets a mutual intention to leverage their respective expertise, resources, and networks to drive impactful development projects.

The partnership will focus on key areas such as early identification, preparation, and co-financing of infrastructure projects, as well as exploring opportunities in renewable energy, transport, water and sanitation, climate finance, and private capital mobilization. Both parties will also pursue collaboration in treasury management, co-guarantees for investment projects, and capacity-building initiatives through joint seminars, workshops, and staff exchanges.

South-South cooperation is central to the mission of both IsDB and NDB as it enables emerging economies to share expertise, technology, and tailored financial solutions directly with one another. Through this partnership model, both development institutions foster peer-to-peer learning and co-finance projects that address shared regional challenges, from infrastructure gaps to climate resilience. Together, they strengthen a collective voice in global finance and demonstrate how multilateralism led by the Global South can deliver more contextual and sustainable development outcomes.

On the occasion, IsDB Vice President Operations, Dr. Rami Ahmad, stated: "This memorandum marks significant progress in both institutions' dedication to sustainable development among member nations. By partnering with NDB, IsDB can enhance development efforts, support local communities, and tackle global challenges more effectively."

Meanwhile, NDB Vice President & Chief Risk Officer, Dr. Rajiv Ranjan, reiterated: "We are honored to formally announce the signing of this Memorandum of Understanding with the Islamic Development Bank Group, reflecting our shared commitment to advancing infrastructure and sustainable development. By leveraging our combined expertise and resources, we aim to strengthen collaboration in areas of mutual interest, deepen cooperation across our member countries, and promote inclusive growth in the Global South."

Expanded joint efforts by both multilateral development banks are expected to commence soon aimed at further improving the lives of millions across their shared member countries and contributing to global growth and development.

About the Islamic Development Bank (IsDB) Group:

Rated AAA by the major rating agencies of the world, the Islamic Development Bank is the pioneering multilateral development bank (MDB) of the Global South that has been working for over 50 years to improve the lives of the people and communities it serves by delivering impact at scale. The Bank brings together 57 Member Countries across four continents, touching the lives of nearly 1 of 4 people worldwide. It is committed to addressing development challenges and promoting collaboration to help achieve the United Nations Sustainable Development Goals (SDGs) by equipping people to drive their own green economic and sustainable social progress, putting planet-friendly infrastructure in place and enabling them to fulfil their potential. Headquartered in Jeddah, Kingdom of Saudi Arabia, IsDB has 10 regional hubs and a center of excellence. Over the years, the Bank has evolved from a single entity into a group comprising: the Islamic Development Bank (IsDB), the Islamic Development Bank Institute (IsDBI); the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC); the Islamic Corporation for the Development of the Private Sector (ICD); the International Islamic Trade Finance Corporation (ITFC); and the Islamic Solidarity Fund for Development.

About the New Development Bank (NDB):

The New Development Bank (NDB) is a multilateral development bank established by Brazil, Russia, India, China and South Africa (BRICS) with the purpose of mobilizing resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs). In 2021, NDB welcomed its first non-founding members and continues to expand, positioning itself as a platform for wider collaboration amongst EMDCs. Since 2015, NDB has approved USD 41.9 billion in financing for 134 projects across sectors such as clean energy, transport, water and sanitation, environmental protection, social and digital infrastructure. The Bank is rated AA+ by Standard & Poor's, AA by Fitch Ratings, and AAA by Japan Credit Rating Agency, all with stable outlooks. For more information, visit www.ndb.int.