IDB and ADB expand joint financing by one third
Baku, Fineko/abc.az. The Islamic Development Bank Group and the Asian Development Bank have activated joint financing within the Framework Financing Agreement (FCA).
The IDB reports that Ms. Lakshmi Venkatachalam, ADB Vice-President for Private Sector & Co-financing Operations, and Mr. Birama Sidibe, IDB Group Vice-President for Operations put their signatures to the US$ 6 billion partnership agreement which envisages a US$ 2.5 billion commitment by IDB and US$ 3.5 billion of undertakings by ADB.
The new agreement covers needs in institutional frameworks, knowledge management, regulatory frameworks, policy development, procurement, training, in addition to issues on integrity, experience in decentralization of regional and country offices, Islamic finance and harmonizing of documentation and micro-finance. It also implies collaborating on Managing for Development Results (MfDR) and other issues related to aid effectiveness also feature on the FCA.
The FCA aims to promote IDB - ADB cooperation in their common member countries in such areas as agriculture, food security, rural development, human development, education and health, private sector development and credit insurance.
The previous FCA with budget of $4 billion (2009-2011) enabled to realize eight major infrastructural projects co-financed in six of the member countries of both entities, namely; the Azerbaijan Republic, Bangladesh, Indonesia, Kazakhstan, Pakistan and Uzbekistan.
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