The agreement, signed by Gilbert F. Houngbo, President of
IFAD, and Dr Bandar Hajjar, President of IsDB, will strengthen the two
institutions’ four decades-long collaboration in support of the world's poorest
rural communities.
Using their own resources, IFAD and IsDB will jointly
finance priority projects in some of their 57 common member countries over the
next five years with a cofinancing target of $500 million ($250 million from
each institution).
“IFAD and IsDB have a long history of collaboration,” said
Houngbo. “Both institutions strive to improve the lives of the world’s most
vulnerable people and contribute to ending poverty. Through this agreement we
can strengthen our impact in areas of common interests, including improving
access to markets and rural financial services, increasing climate resilience
and using technology and innovation to maximize impact.”
“The partnership we are signing today will allow us to
co-create financing and investment programmes that will address these
challenges but also help our Member Countries tap into emerging global value
chain opportunities to build resilience and create wealth in a post COVID-19
world,” said Dr Hajjar.
The partnership will work on agricultural and rural
development projects, support to agribusinesses, improved access to markets and
rural financial services, water for rural development and South-South and
Triangular Cooperation.
IFAD is an international financial institution and
specialized agency of the United Nations dedicated to eradicating rural poverty
in developing countries. Eight out of 10 of the world’s poorest people live in
rural areas, and most depend on agriculture for their livelihoods.
IsDB is a multilateral development financial institution
with 57 member countries and a mandate of delivering social and economic
development in its member countries and Muslim communities worldwide.
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