The Islamic Development Bank (IsDB) and Brunei Darussalam signed a Memorandum of Understanding (MoU) to establish a strategic partnership for medium-term cooperation from 2025 to 2030.
The MoU focuses on areas such as Islamic finance, support for small and medium-sized enterprises, regional economic cooperation, climate change, information and communications technology, and empowering women and youth.
The partnership aligns with Brunei’s Wawasan Vision 2035 and aims to further explore and prioritize cooperation through an ongoing engagement framework set to be completed in 2024.
Jeddah, August 29, 2024 – The Islamic Development Bank (IsDB) has officially embarked on a strategic partnership with Brunei Darussalam, marked by the signing of a Memorandum of Understanding (MoU) today. The ceremony took place in Bandar Seri Begawan, the capital of Brunei, with IsDB President Dr. Mohammed Al-Jasser and Brunei's Minister of Finance and Economy Dr. Haji Mohd Amin Liew bin Abdullah leading the event.
This significant MoU outlines a framework for medium-term cooperation between 2025 and 2030, focusing on several key areas of mutual interest. The partnership aims to bolster collaboration in Islamic finance, support for small and medium-sized enterprises (SMEs), and regional economic integration. Additionally, it emphasizes efforts to combat climate change through both mitigation and adaptation strategies. The agreement also highlights the importance of advancing information and communications technology, accelerating digitization, and empowering women and youth.
Dr. Al-Jasser underscored the alignment of this partnership with Brunei’s Wawasan Vision 2035 and its Medium-Term Development Plan, which set forth a comprehensive roadmap for future collaboration between Brunei and the IsDB Group. He expressed confidence that the ongoing engagement framework, set to be completed in 2024, will further refine and prioritize the areas of cooperation with the Government of Brunei Darussalam.
This MoU represents a pivotal step in strengthening ties between the IsDB and Brunei, paving the way for joint initiatives that address pressing economic, environmental, and social challenges. The partnership is set to advance both parties' shared goals, contributing to sustainable development and mutual growth in the coming years.