Jeddah, Kingdom of Saudi Arabia, 14 October 2021 - Islamic Development Bank (IsDB) President and Chairman of IsDB Group, H.E. Dr. Muhammad Al Jasser, on Thursday received at IsDB headquarters, a delegation led by Dr. Alvaro Lario, the Associate Vice-President of the International Fund for Agricultural Development (IFAD).
At the meeting, Dr. Al Jasser received briefings from the delegation on efforts to mobilize funds to address food security challenges, building up resilience against climate change as well enhancing market accessibility in rural areas of developing countries.
In his welcoming remarks, the IsDB Group Chairman hailed the historical longstanding enduring partnership between IsDB and IFAD since 1979. “The renewal of our partnership comes when the world is facing unprecedented socio-economic challenges caused by covid-19,” Dr. Muhammad Al Jasser stated.
In April 2021, IsDB and IFAD signed a new Cooperation and Co-financing Framework Agreement (CCFA) for the next five-year period. The agreement would explore working in several areas such as agricultural and rural development, agribusiness, value chains development, improved access to markets and rural financial services, improved access to employment opportunities and South-South and triangular cooperation.
The Chairman of IsDB Group, then, expressed pleasure over ongoing collaborative efforts between IsDB and IFAD in the implementation of a US$ 151.6 million project in Indonesia that aims to increase agricultural productivity and farmers' income level.
Furthermore, he expressed IsDB’s commitment to strengthen cooperation and partnership in line with the common strategic objectives of both organizations.
IsDB and IFAD have a long history of cooperation going back to 1979, four years after IsDB was established.
Specialized UN agency, the International Fund for Agricultural Development (IFAD), is an international financial institution dedicated to finance agricultural and rural development with the objective to mobilize additional resources to be made available on concessional terms for agricultural development in developing countries. The International Fund for Agricultural Development (IFAD), headquartered in Rome, Italy, was established in 1977 as a specialized agency of the United Nations. Its objective is to mobilize resources for agriculture and rural development in developing countries.