Jeddah : Monday, July 17, 2006

A Memorandum of Understanding was signed at the Islamic Development Bank (IDB) headquarters in Jeddah, between the United Nations Industrial Development Organization (UNIDO) and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the IDB Group.

The purpose of the MoU is to provide general framework to facilitate cooperation between UNIDO and ICIEC in promoting foreign and domestic investment and trade so as to contribute to the effective economic and social development of member countries.

The MoU was signed by H.E. Dr. Kandeh K. Yumkella, UNIDO Director General, and H.E. Dr. Ahmed Mohammed Ali, IDB Group President.

The parties to the Memorandum will cooperate to encourage the increase of flow of investments ( foreign and domestic), including technology transfers to member states through Country Needs Assessments, Project Assessments, Investment Promotion Activities and Institutional Capacity Building ( strengthening of Investment Promotion Agencies).

ICIEC and UNIDO will nominate a team of officers, charged jointly with ensuring the timely achievement of the activities. The two parties will also select the target beneficiary countries prior to mounting needs assessment missions. Joint meetings will be organized to review country assistance requests and selection of target countries.