AfDB, IsDB Mobilize More Funds for Common Member States

A mother and child in Burkina Faso's Ninigui village. The African Development Bank and Islamic Development Bank have agreed to boost development financing in their common member countries, which include Burkina Faso. Photo by: Peter Casier / Climate Change, Agriculture and Food Security / CC BY-NC-SA Peter Casier / Climate Change, Agriculture and Food SecurityCC BY-NC-SA

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.

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  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.