Islamic Development Bank, NEPAD sign cooperation agreement

The Islamic Development Bank (IDB ) in Saudia Arabia and the New Partnership for Africa's (NEPAD) Development Planning and Coordinating Agency (NPCA) recently signed a memorandum of understanding  (MoU) concerning regional integration and cooperation.

The MoU also concerned infrastructure, agriculture and food security, education and human capital development, climate change and natural resource management, and economic and corporate governance.  

"I am delighted to be part of this historic occasion where our respective institutions agree to work together for the benefit of our member countries," IDB President Ahmad Ali said. "As a development institution, the Islamic Development Bank sees regional integration and cooperation as an indispensable tool in bringing people from different regions to harness their potentials, create jobs, spread wealth and promote understanding."

NPCA CEO Ibrahim Assane Mayaki agreed.

"The NEPAD Agency as the Development Agency of the African Union is proud to work closely with the IDB in its new orientation to become a technical advisory and funds management agency of the African states and community," Mayaki said. "The aim is to transform and ensure that the necessary modalities and processes are in place for the NEPAD Agency to refocus on its new service offerings as an agency that provides outstanding professional and expert technical advisory services coupled with providing grant and seed funding to assist countries in their development agendas. The emerging challenges of access to knowledge for innovative solutions, youth employment, sustainable rural development, adequate infrastructure and industrialization will be tackled properly in order to achieve the Africa we want."