Asian Development Bank (ADB) President Haruhiko Kuroda and the Director-General of the OPEC Fund for International Development (OFID) Suleiman Jasir Al-Herbish today signed a memorandum of understanding (MOU) that will expand the existing cooperation between the two organizations.
The agreement was signed during the 44th Annual Meeting of the ADB’s Board of Governors, which runs from 3 May to 6 May in Ha Noi, Viet Nam.
“In working together, ADB and OFID will improve coordination in development activities in our common partner countries and in those priority sectors that we both share,” said Mr. Kuroda ahead of the signing ceremony.
Under this MOU, ADB and OFID will work closely to identify projects with a view to jointly financing them. The two organizations will exchange information to better support each others’ activities and will hold consultations to discuss issues of common interest, including helping to provide the region’s poor access to energy to support economic growth and improve livelihoods.
Commenting on the signature, Mr. Suleiman J. Al-Herbish said “this agreement enhances our existing framework of institutional cooperation, benefiting OFID and ADB common partner countries and Asian regional initiatives”.
The MOU formalizes a long-standing relationship between the two organizations that dates back to 1976 when OFID was established.
To date, the two institutions have implemented jointly over 90 projects amounting to $765 million in the following countries: Afghanistan, Azerbaijan, Bangladesh, Cambodia, India, the Kyrgyz Republic, Lao People’s Democratic Republic, Maldives, Nepal, Pakistan, Papua New Guinea, Philippines, Samoa, Solomon Islands, Sri Lanka, Tajikistan, Thailand, and Uzbekistan.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, it is owned by 67 members --48 from the region. In 2010, ADB approvals, including co-financing, totaled $17.51 billion. In addition, ADB's ongoing Trade Finance Program supported $2.8 billion in trade.
OFID’s primary aim is to contribute to the socio-economic advancement of developing countries. OFID is present in almost all sectors of development and is effectively contributing to global efforts toward meeting the MDGs and the “missing 9th goal” which is the eradication of energy poverty, a key pillar for sustainable socio-economic growth and poverty reduction. Since its inception, OFID has committed more than US$13 billion in support of sustainable development. For more information please visit www.ofid.org.
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