ADB, IDB AGREE TO CO-FINANCE PROJECTS IN INDONESIA

Jakarta, Sept 16 (ANTARA) - The Asian Development Bank (ADB) and the Islamic Development Bank (IDB) have signed a co-financing agreement to raise up to US$4 billion in fresh funds to finance projects in a number of member states, including Indonesia in the next three years.
Under the agreement, the two international institutions will make available US$2 billion each for the projects, the ADB said in its official website on Tuesday.
The agreement would focus on financing infrastructure projects covering irrigation and urban sectors. In a number of certain countries, the education, health, etc. sectors may have a chance of securing financing from the agreement.
"The agreement is in line with the Accra Summit and other international declarations within the frame of building development effectiveness and harmony," IDB Vice President Amadou Cisse said.
In addition, the agreement would also make it possible for the adoption of a new platform in which the two institutions could raise third party funds from investors in other member states, ADB Director General for Central and West Asia Juan Miranda said.
"The agreement is consistent with the ADB's 2020 strategy and the IDB's 1440 Hijrah vision," IDB Director for Asia Walid Abdelwahab said.