The Islamic Development Bank (IDB) and the International Fund for Agricultural Development (IFAD) signed a joint-financing agreement worth $1.5 billion Saturday to assist poor member nations of the two organizations, notably in Asia and Africa. The agreement, signed by IDB President Ahmed Muhammad Ali and President of IFAD Kanayu Nwanzi on the sidelines of the Jeddah Economic Forum, will see funds channeled into priority programs focusing on small-scale rural and agricultural projects. “The combination of small project financing, building potentials and supplying knowledge and technology will benefit thousands of people and create large numbers of jobs and promote activities that provide incomes,” a statement said. The agreement, the statement said, would serve to strengthen infrastructure in rural areas and support economic development and efforts towards food security in countries that are members of both the IDB and the IFAD.
