The Global Infrastructure Hub (GI Hub) has signed a Memorandum of Understanding (MOU) with the Islamic Development Bank (IsDB) on 25 May 2016 in Jeddah, Saudi Arabia.
The Islamic Development Bank is an international financial institution established to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari’ah i.e. Islamic Law.
The MOU focuses on 5 key points for collaboration between IsDB and GIH:
- developing a knowledge-sharing network to aggregate and share information on infrastructure projects and financing between governments, international organisations, development banks, national infrastructure institutions and the private sector;
- addressing key data gaps;
- sharing best practice approaches regarding the financing of infrastructure projects;
- exploring ways to improve the effectiveness of development assistance on infrastructure, having due regard to value for money; and
- conducting joint analytic, research and outreach activities.
The MOU was signed by Mr. Chris Heathcote, CEO of GI Hub and Dr. Ahmet TIKTIK, Vice President of IsDB.