ICIEC, UNIDO Sign MOU

JEDDAH, 21 July 2006 — The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), an affiliate of the Islamic Development Bank (IDB) group, and the United Nations Industrial Development Organization (UNIDO) have signed a Memorandum of Understanding (MOU). It was signed by Bank President Dr. Ahmed Muhammad Ali, and Dr. Kandeh K. Yumkella, for UNIDO at the IDB headquarters here on Monday. The MOU will remain in force for a period of five years with either party at liberty to terminate it at any time and for any reason by giving written notice of termination to the other party six months in advance.