IDB, African Development Bank sign $1 billion agreement

December 22, 2010

The Jeddah-based Islamic Development Bank (IDB) and the African Development Bank (ADB) signed a Memorandum of Understanding (MoU) yesterday to jointly fund $1 billion worth of projects in their Common Member Countries. The MoU was signed in Jeddah by the ADB Sector Operations Vice-President Kamal El-Kheshen and IDB Vice-President Birama Boubacar Sidibe. According to the MOU, the IDB and the ADB will each earmark $500 million over a three-year period, beginning in 2011, to co-finance sovereign projects in their Common Member Countries.

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