OIC roundup: Development banks pledge $2bn for joint development projects

Here's a roundup of key developments across the OIC ecosystem during the month of May

Editor's note: The Islamic Development Bank has been noted for launching key development projects across member countries but it has, very recently, been joined by the Asian Development Bank, with each pledging a whopping $1 billion each to co-finance joint initiatives. 

Trade Developments

Image Courtesy: AP News

GCC / Malaysia

Gulf Cooperation Council, Malaysia agree to launch free trade talks

The Gulf Cooperation Council (GCC) countries have agreed to begin free trade talks with Malaysia, as announced during the GCC-ASEAN Summit in Kuala Lumpur.

The decision, made on May 26, 2025, marks the start of negotiations aimed at enhancing trade relations between the GCC and Malaysia. (Zawya)

Saudi Arabia / Syria

Syria, Saudi Arabia agree to boost economic cooperation

Syria and Saudi Arabia have announced plans to enhance economic cooperation for mutual benefit and to create jobs for Syrians, following the easing of Western sanctions on Syria earlier this month.

The announcement came during a visit to Damascus by Saudi Foreign Minister Prince Faisal bin Farhan, who met with Syrian President Ahmad al-Sharaa and other officials.

The easing of sanctions is expected to open the door for foreign investment in Syria, which has been in a civil war since March 2011. (AP News)

Investment

OIC

Development banks pledge $2bn for joint development projects

The Islamic Development Bank (IsDB) and the Asian Development Bank (ADB) have renewed their commitment to development by pledging $1 billion each in co-financing for joint operations in their Common Member Countries through 2030.

The aim is to enhance the effectiveness, impact, efficiency, and sustainability of their development operations. (IsDB News)