Singapore : Sunday, September 17, 2006

H.E. Dr Ahmad Mohamed Ali, President, Islamic Development Bank (IDB), on the occasion of the World Bank/International Monetary Fund Annual Meetings in Singapore, signed a Memorandum of Understanding (MoU) with H.E. Donald Kaberuka, President of the African Development Bank and African Development Fund on enhancing the existing cooperation between the two institutions especially in exchanging information and technical assistance in the field of information technology.

The MOU will facilitate collaboration between the two multilateral development financing institutions to establish a framework for the provision of technical assistance with respect to IT matters.

While thanking the AFDB President for signing the MOU, H.E. Dr Ahmad Mohamed Ali said that strengthening collaboration between the two organizations would help to serve the common objectives and render their respective activities more effective.

On the occasion of the WB/IMF Annual Meeting, the IDB President also met with H.E. Abdoulaye Diop, Minister of Economy and Finance of Senegal and Chairman of the Board of Governors of IDB and his delegation and held discussions on various aspects for the successful conduct of the Annual Meeting of IDB scheduled to take place in Dakar, Senegal, during 12-13 Jumad Awwal 1428H (29 - 30 May 2007). The President also held discussions with the Minister and his delegation on bilateral matters.

Meanwhile, members of the IDB Delegation attended a number of seminars which are expected to have an impact on the developmental work carried out by the IDB in the service of its member countries. Of particular mention is a seminar on "South-South and South-North Foreign Direct Investment (FDI)" which discussed the flow of foreign direct investment between South-South and South-North countries and FDIs on how to remain competitive in attracting FDIs. The seminar specially took note of such flow of investments from Asian countries to Africa and the link between FDIs and development and discussed the required infrastructure and political will needed to enhance the flow of investments.