The Islamic Development Bank and the European Investment Bank today signed a Memorandum of Understanding. On the occasion of a Deauville Partnership meeting in Abu Dhabi, both organizations agreed to join forces for cooperation particularly in the Mediterranean.
Mr Birama Sidibe, IsDB Vice President Operations, who signed the MoU on behalf of IsDB, expressed his satisfaction with the fruitful cooperation between IsDB and EIB, adding that IDB and EIB have jointly supported some 24 projects worth $19 billion in common countries of operation. Mr Sidibe declared that the MoU concluded between EIB and IsDB in Abu Dhabi will give a new impetus to the already strong partnership between the two institutions, particularly to respond to the new challenges facing Arab Mediterranean countries.
Mr. Claudio Cortese, Deputy-Director General at EIB declared in Abu Dhabi that the enhanced cooperation and collaboration between the two institutions would contribute to reinforcing private-sector led growth in the Mediterranean region, fostering job creation and supporting inclusive economic development.
Concretely, the EIB and ISDB will consult on the priority areas and modalities of cooperation to work together and contribute to the overall development and social progress with initial focus on four pilot countries: Egypt, Jordan, Morocco and Tunisia. Cooperation will include amongst other objectives: Consultation and sharing information; Developing expertise and knowledge in the region, notably with regards to public-private partnerships; Network-building; Facilitating the identification, preparation and co-financing of projects
About the two institutions:
IsDB is an international financial institution established by the Conference of Finance Ministers of Muslim Countries held in Jeddah in December 1973 with a view to fostering the economic and social development of its member countries and Muslim communities individually as well as jointly in accordance with the principles of Islamic Law. The functions of the Bank are to participate in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development.
EIB is the financial institution of the European Union, created by the Treaty establishing the European Community. The role of the EIB is to finance investments in support of EU policy objectives, complementing the corresponding Community assistance policies, programmes and instruments in the different regions, and continuously adapting its activities to developments in EU policies. The EIB financial arm in the Mediterranean region, the Facility for Euro-Mediterranean Investment and Partnership (FEMIP), aims at fostering private sector activities in Mediterranean Partner Countries, as a way to underpin growth and generate employment opportunities.