IDB, ADB discuss ways to tackle global crisis

JEDDAH, November 24, SPA -- The Islamic Development Bank (IDB) and
Asian Development Bank (ADB) have discussed ways to lessen the impact
on their common member countries of the continuing global economic
crisis and rising food prices.


During their meeting at IDB headquarters here yesterday, IDB
President Ahmed Mohammed Ali and ADB President Haruhiko Kuroda
reaffirmed their commitment to enhance development efforts in member
countries, in line with the Paris Declaration and the Accra
High-Level Forum on Aid Effectiveness.


They also called for stronger institutional and operational
cooperation in line with the framework co-financing agreement signed
between IDB and ADB in September 2008.


The agreement calls on both institutions to provide up to $2 billion
equivalent each over the next three years to finance projects in
their common member countries, according to a report published today
by the Jeddah-based Arab News.

The co-financing will mainly target transactions in the
infrastructure, utilities, and urban sectors.


However, it may also cover education, health and other sectors in
selected countries.


The two banks have 13 common member countries in Asia (Afghanistan,
Azerbaijan, Bangladesh, Brunei, Indonesia, Kazakhstan, Kyrgyz
Republic, Malaysia, Maldives, Pakistan, Tajikistan, Turkmenistan and
Uzbekistan).


--SPA