The African Development Bank and the Islamic Development Bank have signed a memorandum of understanding to provide additional financing for development projects in the organizations’ common member countries.
AfDB and IsDB agreed on Dec. 21 to contribute USD500 million each as financing for infrastructure, water, education, social infrastructure, agriculture, regional integration, capacity-building and food security projects in common member countries such as Somalia, Burkina Faso, Egypt, Togo, Mali, Sierra Leone, Nigeria and Algeria.
The total USD1 billion financing will be disbursed over three years starting 2011.
“The objective of the co-financing MOU will be to foster economic development and social progress by coordinating co-financing projects and thus promoting economic development and technical cooperation in Common Member Countries,” said AfDB Vice President for Sector Operations Kamal ElKheshen in a news release.
ElKheshen signed the agreement with IsDB Vice President Birama Boubacar Sidibe in Jeddah, Saudi Arabia.