JEDDAH –23.11.08 The Presidents of the Islamic Development Bank (IDB) Group and the Asian Development Bank (ADB) have called for closer cooperation to support the impact of their development work in common member countries.

The call came at a meeting between IDB President, Dr. Ahmed Mohamed Ali, and a high-level delegation from ADB, led by its President Haruhiko Kuroda. the meeting took place at IDB Headquarters in Jeddah.

The two Presidents reaffirmed their commitment to enhance development efforts in member countries, in line with the Paris Declaration and the Accra High-Level Forum on Aid Effectiveness. They also called for stronger institutional and operational cooperation in line with the framework cofinancing agreement, signed between IDB and ADB in September 2008.

That agreement earmarks up to $4.0 billion in cofinancing by the two institutions in common member countries over a three-year period (2009-2011). The two banks have 14 common member countries in Asia (Afghanistan, Azerbaijan, Bangladesh, Brunei, Indonesia, Kazakhstan, Kyrgyz Republic, Malaysia, Maldives, Pakistan, Tajikistan, Turkmenistan, Uzbekistan and Turkey).

The visit provided an opportunity to review bilateral cooperation between the two institutions. The Presidents also discussed recent global developments — including the financial crisis and high food costs — and the impacts these were having on member countries.

Mr. Kuroda praised IDB's leading role in Islamic finance and its various programs and initiatives, particularly in Asia. The two Presidents agreed to further diversify and enhance cooperation in co financing, renewable energy, risk management, and knowledge-sharing.

Mr. Kuroda’s visit is designed to give new impetus to ongoing bilateral cooperation, and to forge a new strategic partnership between IDB and ADB.

Recent joint activities by the two institutions included the establishment of a US$250 million Asia Infrastructure Fund. The Fund targets equity investment to promote private sector participation in infrastructure projects in common member countries. Other activities include the development of a private hydropower plant in Pakistan, the rehabilitation & upgrading of an irrigation and water resources project in Afghanistan and the financing of a renewable solar-based energy project in Bangladesh.