Jeddah: The Islamic Development Bank (IsDB) Group has entered into a memorandum of understanding (MoU) with the New Development Bank (NDB) in Jeddah to boost collaboration on infrastructure and sustainable development initiatives that are of mutual interest. The agreement was formalized yesterday with the signing by IsDB Vice President for Operations Dr. Rami Ahmad and NDB Vice President and Chief Risk Officer Dr. Rajiv Ranjan.
According to Saudi Press Agency, the MoU underlines the commitment of both multilateral development banks to driving economic growth and social progress. It provides a structured framework to enable joint operations, co-financing, technical collaboration, and knowledge-exchange activities. This agreement will allow both banks to leverage their expertise, resources, and networks effectively to advance development projects with significant impact.