World Bank is exploring ways to enhance cooperation opportunities with the Islamic Development Bank. World Bank President Robert B. Zoellick discussed with IDB chief Dr. Ahmad Mohammad Ali aspects of cooperation in a close-door meeting here, Thursday. They also discussed World Bank's new initiative in the region. Called the Arab World Initiative, the World Bank announced its launch last month. Through this initiative the World Bank looks forward to increase its engagement by promoting development in the region. Dr. Ali commended this new initiative, saying it will provide further partnership opportunities and create greater synergies between the two institutions. Dr. Ali and Zoellick agreed to enhance cooperation in agricultural development, water, Islamic finance, microfinance, education and knowledge-sharing. “We have discussed the feasibility of a future partnership with the IDB. I respect the efforts and long-term experience of the IDB in developing and supporting the education and health in poor countries,” said Zoellick, addressing a joint press briefing with Ali. He said: “IDB has been very innovative in financing other countries. The thing that impresses me the most is that the IDB could yield the best revenues by supporting others in accordance with Shariah without any interests.” Zoellick was critical of the food production restrictions imposed upon some developing countries. “Although some trade rules stipulate such restrictions, the Secretary General of the UN urged those controlling countries not to do so because it may affect the international exports and in turn cause disturbance in the international market,” he said. IDB and the World Bank have co-financed more than 60 projects worth $3.2 billion in 26 countries. These two institutions are also involved in a power project in Yemen, an education project in Iraq and Jordan's Queen Alia airport expansion project. __
