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Wednesday, December 13, 2017
JEDDAH, Nov 23 2017 (WAM) - A joint initiative of the Islamic Development Bank (IsDB) and African Development Bank (AfDB) will boost agriculture value chains and enhance drought resilience in Nigeria, Somalia and Uganda.
The initiative is part of a broad coalition to boost collaboration between the two institutions in agriculture, water and sanitation. The combined active portfolio of both institutions in these sectors in Nigeria, Somalia and Uganda is worth US$1 billion, with several projects in the pipelines to expand their support.
“It is good to see this strong partnership between the African Development Bank and the Islamic Development Bank further evolving, in terms of depth, breath, resource commitments, leverage and speed of delivery” said AfDB Vice-President for Regional Development, Integration and Business Delivery, Khaled Sherif.
Sherif said the presidents of the two institutions had signed a Memorandum of Understanding that clearly outlines the way forward to strengthen the partnership.
IsDB Vice President, Mansur Muhtar, stated: “Indeed, there is much to gain from the collaboration between our organizations. It is here that we can utilize our respective competitive advantages best and maximize the utilization of available resources.”
“This can be achieved in particular by avoiding duplication and concentrating the stipulated initiatives in support of our member countries in the identified sectors and areas that promise to be most impactful for local populations. We will also expand this partnership throughout the operationalization of upcoming initiatives by bringing in additional partners, especially the private sector,” he added.
[Image credit: Islamic Development Bank (IsDB) Twitter: @isdb_group]
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