Prime Highlights-
- African Development Bank and IsDB review a $4 billion co-financing target, with approved operations reaching $2.65 billion across 27 countries.
- Ould Tah presented NAFAD, a framework to mobilize African domestic savings and help close a $400 billion annual funding gap.
Key Facts-
- Approved operations equal 66 percent of the target, reached in less than two years.
- Ould Tah proposed regular progress meetings and urged partners to avoid duplicating evaluation, procurement and due diligence.
Background-
The African Development Bank Group and the Islamic Development Bank Group have reviewed progress on a $4 billion co-financing target for projects across Africa.
African Development Bank Group President Sidi Ould Tah met Islamic Development Bank Group President Muhammad Al Jasser in Jeddah. Both banks serve 27 African countries. Approved operations have reached $2.65 billion, or 66 percent of the target, and cover sovereign and non-sovereign financing under the 2024 to 2029 Cooperation Framework.
Al Jasser called the African Development Bank a strategic partner and urged stronger project preparation and delivery. He asked for more co-financing and wider mobilization of public and private capital.
Ould Tah said the banks reached 66 percent of the goal in under two years after signing a memorandum of understanding. He said closer coordination on the ground and new partners could support bigger targets. He thanked Al Jasser and named the Arab Coordination Group, which includes the IsDB, as a key partner.
The talks followed a January 2026 joint declaration between the African bank and the Arab Coordination Group.
Ould Tah also presented the New African Financial Architecture for Development. The bank’s Board approved it in May in Brazzaville. The framework aims to mobilize Africa’s domestic savings and help address an estimated $400 billion annual funding gap.
He praised Arab Coordination Group support for water, health, education, sanitation, agriculture and infrastructure projects. He proposed regular progress meetings and asked partners to avoid repeating evaluation, procurement and due diligence steps.
