The African Development Bank (AfDB) and the Islamic Development Bank (IsDB) have approved $2.65 billion in operations under their 2024–2029 co-financing framework. Their presidents reviewed progress in Jeddah on 29 October against a $4 billion target, according to statements issued by the two institutions on 29 October and 1 November 2026.
The approved financing represents 66% of the framework’s target. The partnership spans 27 African countries that belong to both banks and supports sovereign as well as private-sector operations.
During the meeting, AfDB President Sidi Ould Tah and IsDB Group Chairman Muhammad Al Jasser discussed ways to improve project preparation and delivery. Energy, transport, water, healthcare, agriculture and food security are among the sectors covered by their cooperation.
Guarantees and concessional finance in focus
The discussions also addressed private capital mobilisation, guarantees and Islamic finance instruments. The institutions intend to deepen cooperation between the African Development Fund and the IsDB Concessional Fund to support more eligible operations.
The partnership builds on a January 2026 declaration between the AfDB and the Arab Coordination Group, of which the IsDB is a member. The banks also considered joint work on Mission 300, an initiative to expand electricity access in Africa, and the development of agro-industrial processing zones.