Riyadh, Friday, 17th of Shawwal, 1445 AH, corresponding to April 26, 2024.

Today, the Saudi Fund for Development and the Islamic Development Bank Group signed a memorandum of understanding in Riyadh to enhance joint development cooperation between the two parties in supporting developing countries around the world through financing development project and programs. The memorandum was signed by the President of the Bank Group, His Excellency Dr. Muhammad bin Sulaiman Al-Jasser, and His Excellency the CEO of the Fund, His Excellency Mr. Sultan bin Abdulrahman Al-Marshad.

The memorandum aims to develop capacities and advisory services, promote best practices to improve development effectiveness in supporting sectors in developing countries, exchange experiences and knowledge to maximize institutional efficiency and developmental impact. It also aims to enhance cooperation within the Arab Coordination Group to contribute to international sustainable development, in addition to cooperation in monitoring and evaluating projects and development programs in beneficiary countries of both parties' activities.

This memorandum comes in the context of the developmental cooperation between the two parties for decades. It emphasizes the importance of achieving shared and ambitious goals in supporting the growth of vital opportunities towards sustainable development, to achieve international growth and prosperity for the least developed and most impoverished communities.

It is worth mentioning that the Saudi Fund for Development has contributed since 1975 to promoting the pillars of sustainable development in its various domains and forms in developing countries around the world. It has provided support and financing for more than 800 development projects and programs with a total value estimated at over 20 billion dollars in more than 100 developing countries. These projects have covered various development sectors, as the Fund has worked to support the creation of diverse opportunities to contribute to enhancing economic and social growth, improving living conditions, keeping pace with the progress in the field of knowledge, capacity building, and providing employment opportunities for millions of beneficiaries around the world.