FAO and IDB in $1 billion agreement

ROME. November 16. KAZINFORM. On the eve of the World Summit on Food Security, FAO and the Islamic Development Bank (IDB) announced a $1 billion agreement to fund agricultural development in poor countries that belong to both organizations; Kazinform refers to IDB's press service.

It is hoped that the framework agreement, concluded today in Rome by Dr Ahmad Mohamed Ali, President of IDB, and FAO Director-General Jacques Diouf, will help leverage additional resources and bring total investment in the IDB-FAO programme to $5.0 billion by 2012.

This agreement comes at a critical moment, when the international community recognizes it has neglected agriculture for many years. Today, sustained investment in agriculture - especially smallholder agriculture - is acknowledged as the key to food security.

Under the agreement, IDB will contribute $1.00 billion over the next 3 years (2010-2012) in the framework of Jeddah Declaration approved by the IDB Board of Governors in June 2008 to finance priority projects in 26 least-developed IDB member countries. FAO will provide the necessary technical support for the formulation and implementation of projects.

The two Institutions share the same vision and strategy and will continue working together in improving rural infrastructure, promoting local economic development and enhancing food security while strengthening and revitalizing their cooperation.