IDB, FAO sign $1 Billion deal for poor nations

ROME, November 16, SPA -- On the eve of the World Summit on Food Security, the
Islamic Development Bank (IDB) and Food and Agriculture Organization (FAO) on
Sunday announced a $1 billion agreement to fund agricultural development programs
of poor countries that come under both organizations.

“It is hoped that the framework agreement, concluded today in Rome by Dr. Ahmad
Mohamed Ali, president of IDB, and FAO Director General Jacques Diouf, will help
leverage additional resources and bring total investment in the IDB-FAO program to
$5 billion by 2012,” an official statement was quoted as saying by the
Jeddah-based Arab News.

Under the agreement, IDB will contribute $1 billion over the next three 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.

“The two Institutions share the same vision and strategy and will continue
working together in improving rural infrastructure, promoting local economic
development and enhancing food security while strengthening and revitalizing their
cooperation,” the statement said.

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