Islamic Development Bank
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Cumulative
- Project-Specific Cofinancing $2.2 billion
Partnership Framework Arrangement
Signing Date 1 January 2018
Completion Date 31 December 2022
In 1973, the Islamic Development Bank (IsDB) was established as a multilateral development bank to help its member countries achieve economic development and social progress. The IsDB works with ADB in the areas of transport, energy, urban development and services, education, agriculture, health, regional cooperation, private sector development, public–private partnership, trade financing, and trade development. It prioritizes support to Azerbaijan, Bangladesh, Indonesia, Kazakhstan, the Kyrgyz Republic, Maldives, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan.
In November 2022, the ADB–IsDB high-level consultations took place, led by Mansur Muhtar, IsDB vice president of operations, and Shixin Chen, ADB vice-president (Operations 1). They reviewed the progress of their partnership and assessed the challenges faced in working with their common member countries. They also discussed areas for collaboration and identified key areas where the institutions could work together, such as in COVID-19 recovery, climate change, food security, and education, among others.
Highlights
Knowledge. Ahead of the 2023 United Nations Climate Change Conference (COP28), ADB led an eight-episode campaign on key climate issues, which featured contributions from multilateral development banks, as the current chair of the International Financial Institutions Heads of Communications Working Group. The fourth episode featured IsDB’s work on aligning economic development with environmental stewardship. The IsDB is tackling the urgent need for action on climate change, by bringing the ethical and sustainable investment foundation of Islamic finance to climate and development finance.
News
12 Aug 2020
ADB Approves $73 Million Package to Develop Waste-to-Energy Facility in Maldives
ADB has approved a $73.4 million concessional loan and grant to the Government of Maldives to develop a waste treatment facility using waste-to-energy technology and disposal infrastructure for the Greater Malé region and neighboring outer islands.
15 Jan 2020
ADB Inaugurates Project to Replace Diesel Systems with Solar Hybrid across Maldives
ADB and the Environment Ministry of Maldives have inaugurated the implementation of a solar–battery–diesel hybrid system in 48 islands under the flagship Preparing Outer Islands for Sustainable Energy Development (POISED) Project to help the country tap solar power and reduce reliance on costly, polluting diesel.
Stories
Houses and Livelihood for the Rural Poor
For many rural households in Uzbekistan, owning a house is no longer a dream; it has become a reality. Uzbekistan’s Rural Housing Scheme provides mortgage loans to homebuyers from rural communities and financing opportunities for women to establish small businesses. The housing program has increased living standards and reduced income disparities between urban and rural populations.
Tackling the Solid Waste Management Challenge in Maldives
To preserve Maldives’ pristine beaches, sustainable solid waste management should be prioritized. ADB, together with partners Asian Infrastructure Investment Bank, Islamic Development Bank, and Japan Fund for the Joint Crediting Mechanism, is supporting the government’s efforts to do so by establishing a regional solid waste management facility equipped with waste-to-energy technology.
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