IDB, ADB DISCUSS GLOBAL CRISIS

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.

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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 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. 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).