The World Bank Group and Organization of Petroleum Exporting Countries’ Fund for International Development are stepping up their cooperation to help address new development challenges such as natural resource management, equitable development and globalization.
The announcement followed the signing of a memorandum of understanding between OFID and World Bank Group member institutions including the International Bank for Reconstruction and Development, International Finance Corp., International Development Association and Multilateral Investment Guarantee Agency.
“This framework for cooperation demonstrates how the World Bank Group is working with development partners – optimizing resources, skills and knowledge across organizations to best respond to the needs of developing countries,” said World Bank President Robert Zoellick. “While the agreement is global in scope, the focus is on sub-Saharan Africa and the Middle East and North Africa, where significant challenges remain.”
The agreement calls for increased cooperation in the areas of economic and social infrastructure. It also underscores the need for trade, a robust financial sector, efficient public services and private sector development.
