RIYADH: The chairman of the Islamic Development Bank Group met with the managing director of the International Monetary Fund on the sidelines of the 2026 World Bank Group and IMF Annual Meetings in Bangkok.
Muhammad Al Jasser and Kristalina Georgieva discussed expanding cooperation in Islamic finance, financial stability, capacity development and knowledge exchange, the Saudi Press Agency reported.
The discussions reviewed progress in cooperation between the IsDB and the IMF, including joint initiatives in Islamic finance and the forthcoming joint report on Islamic banking and financial stability.
The two sides explored opportunities to strengthen cooperation on regional economic analysis, macroeconomic developments, and financial stability, with particular attention to issues affecting IsDB member countries.
Al Jasser stressed the importance of expanding joint capacity development programs through the IsDB Institute and the IMF Middle East Center for Economics and Finance, building on the recent cooperation between the two institutions in Islamic banking, financial legislation, and related policy areas.
The meeting reaffirmed the shared commitment of the IsDB and the IMF to strengthening practical cooperation through joint research, capacity development, policy dialogue, and knowledge exchange initiatives that support resilient, inclusive, and sustainable economic growth.
Al Jasser and Hugues Oscar Lokossou, minister delegate to Benin’s minister of economy and finance, responsible for external resource mobilization and debt management, held a bilateral meeting on the sidelines of the 2026 World Bank Group and IMF Annual Meetings in Bangkok to discuss strengthening development cooperation between the IsDB Group and Benin.
The meeting discussed Benin’s development opportunities and priorities and explored prospects for further cooperation, particularly in infrastructure, agriculture, and other sectors.
Following the meeting, the IsDB and Benin signed co-financing agreements for two major development projects. The first is the Godomey–Ouidah–Hillacondji road widening and upgrading project, with a total cost of €576.06 million ($643.87 million), of which the IsDB will finance €306.89 million.
The project aims to improve road safety and traffic efficiency, reduce travel times and transport costs, and strengthen regional connectivity and trade flows along the Abidjan–Lagos Corridor.
The second is the Sustainable Intensification of Legume-Based Agricultural Systems project, aimed at enhancing soil fertility, agricultural resilience, and food security, with a total cost of €20.70 million, of which the IsDB will finance €19.17 million.
The project aims to promote sustainable legume-based farming, improve soil fertility, support food security, and strengthen resilience to climate change through five development poles.
Al Jasser reaffirmed the IsDB Group’s commitment to its steadfast partnership with the Republic of Benin, stressing the importance of continued cooperation to drive sustainable development and deliver tangible benefits to communities.