WAIPA and IsDB sign a Memorandum of Understanding

Jeddah, Kingdom of Saudi Arabia, 29 September 2022 – The Islamic Development Bank (IsDB) and the World Association of Investment Promotion Agencies (WAIPA) have signed a Memorandum of Understanding (MoU) to collaborate on investment promotion.

The purpose of this MoU is to provide a framework for cooperation in investment promotion related to capacity development and technical assistance projects and programs in IsDB Member countries.

The virtual signing ceremony was held between the IsDB Vice President of Operations, Dr. Mansour Muhtar, and the WAIPA President, Mr. Deepak Bagla.

At the signing ceremony, Dr. Muhtar highly praised the strategic partnership with WAIPA including the ongoing program to enhance investment promotion capabilities in francophone least developed countries and he affirmed that the MoU will assist in developing investment promotion programs in line with the 2030 sustainable development goals, especially in the post COVID-19 era.

Mr. Bagla also treasured the continuous great cooperation with IsDB and stressed the importance of such coordination to provide support to investment promotion agencies (IPAs), through capacity development programs with a focus on sustainability to achieve actual impact on the ground.

By signing the MoU, WAIPA and IsDB complement their strategic partnership and cooperation to design, formulate, mobilize funds and implementation of investment promotion-related technical assistance projects and programs in various areas and to meet the needs of investment promotion.