New Development Bank and Islamic Development Bank Strengthen Institutional Ties and Cooperation

On January 18, 2024, H.E. Mrs. Dilma Rousseff, President of the New Development Bank (NDB) met with H.E. Dr. Muhammad Al Jasser, President of the Islamic Development Bank (IsDB), at NDB’s headquarters in Shanghai, China.

Mrs. Dilma Rousseff and Dr. Muhammad Al Jasser explored ways in which the two institutions could cooperate to promote inclusive growth and sustainable development. Both expressed strong interest in developing a framework for mutually beneficial cooperation and collaboration.

Mrs. Dilma Rousseff and Dr. Muhammad Al Jasser announced the creation of a joint working group which will develop a cooperation framework between IsDB and NDB.

The two multilateral development banks from the Global South are committed to work together to improve the quality of life of the people in their member countries. The NDB and the IsDB are ready to strengthen their relations and promote joint work for sustainable development of their members.

About the New Development Bank (NDB):

The NDB was created in 2015 by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in the BRICS and other emerging market economies and developing countries. In 2021, the NDB began expanding its membership and admitted Bangladesh, Egypt, the United Arab Emirates and Uruguay as its new member countries. For more information on the NDB, visit www.ndb.int.

About the Islamic Development Bank (IsDB):

Established nearly 50 years ago and rated AAA by the major rating agencies of the world, the Islamic Development Bank is the pioneering multilateral development bank of the Global South that has been working to improve the lives of the communities it serves by delivering impact at scale. The Bank brings together 57 Member Countries across four continents, touching the lives of nearly 1 in 5 of the world population. Its mission is to equip people to drive their own economic and social progress at scale, putting the infrastructure in place enabling them to fulfil their potential. Headquartered in Jeddah, Kingdom of Saudi Arabia, IsDB maintains regional hubs and a center of excellence in 11 of its Member Countries.  Over the years, the Bank has evolved from a single entity into a group comprising five entities: Islamic Development Bank (IsDB), the Islamic Development Bank Institute (IsDBI) tasked with research and training, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC).

For more information:

New Development Bank: media@ndb.int

Islamic Development Bank: mdinmohammadi@isdb.org