IFAD, IDB to co-finance $1.5B to support the poor

Microfinance Focus, Nov. 25, 2009: Recent World Summit on Food Security in Rome saw the International Fund for Agricultural Development (IFAD) and the Islamic Development Bank Group (IsDB) reaching $1.5 billion co-financing agreement to support the world’s poorest people in member countries.
The agreement was the result of talks held in Rome on Nov. 15 between Ahmad Mohamed Ali, President of IsDB, and Kanayo F. Nwanze, President of IFAD.
Using their own resources, IFAD and IsDB will jointly finance priority projects in most of the 52 common member countries under their respective three-year lending programmes for 2010-2012. The two institutions hope that this co-financing arrangement will attract additional funding from other development partners for joint interventions.

FAO, IDB in $1 billion agreement:

Another development at the venue of the summit on food security, FAO and the Islamic Development Bank (IDB) announced a $1 billion agreement to fund agricultural development in poor countries that belong to both organizations.

The framework agreement was concluded on Nov. 16, 2009 in Rome by Dr Ahmad Mohamed Ali, President of IDB, and FAO Director-General Jacques Diouf. It will help leverage additional resources and bring total investment in the IDB-FAO programme to $5.0 billion by 2012.
Under the agreement, IDB will contribute $1.00 billion over the next 3 years (2010-2012) in the framework of Jeddah Declaration approved by the IDB Board of Governors in June 2008 to finance priority projects in 26 least-developed IDB member countries. FAO will provide the necessary technical support for the formulation and implementation of projects.

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