The African Development Bank (AfDB) and the Islamic Development Bank (IsDB) have signed a landmark agreement to strengthen their partnership at country level and jointly contribute to $2-billion over the next three years to finance projects in agriculture, food security, renewable energy, small and medium enterprises (SMEs), as well as human development, such as health and education. The IsDB is a multilateral development financing institution in Jeddah, Saudi Arabia. It is among the largest contributors of cofinancing to AfDB, while the AfDB and IsDB have cofinanced projects valued at more than $2.5-billion from 2002 to 2016.
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