IFAD, IsDB reach $1.5B co-financing pact

Microfinance Focus, Nov. 16, 2009: On the eve of the World Summit on Food Security, the International Fund for Agricultural Development (IFAD), and the Islamic Development Bank Group (IsDB) have reached a $1.5 billion framework cofinancing agreement that will support the world’s poorest people in member countries, including microfinance and capacity building.
The agreement followed talks held in Rome on Monday between Ahmad Mohamed Ali, President of IsDB, and Kanayo F. Nwanze, President of IFAD.
Using their own resources, IFAD and IsDB will jointly finance priority projects in most of the 52 common member countries under their respective three-year lending programmes for 2010-2012. The two institutions hope that this cofinancing arrangement will attract additional funding from other development partners for joint interventions.
With their shared objectives in the field of agriculture and rural development, the two institutions will focus their efforts on increasing productivity, yields, processing capacities and access to markets.
Microfinance, combined with capacity-building and technology transfer, will enable hundreds of thousands of project beneficiaries to undertake a multitude of microenterprises and income-generating activities. IFAD and IsDB are committed to working together to improve rural infrastructure, promote local economic development and enhance food security.

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