RIYADH: The Islamic Development Bank (IDB) and the United Kingdom signed a partnership agreement yesterday in Riyadh which will increase cooperation in international development.
The Memorandum-Of-Understanding (MOU) was signed by IDB president Ahmed Mohamed Ali and Michael Foster, international development minister of the United Kingdom in the presence of the British ambassador, William Patey, at the Four Seasons Hotel.
“This is the first time that a MOU of this kind has been signed between these two organizations,” Ali said following the signing ceremony. He added that the agreement was between the IDB and the UK Department For International Development (DFID) and was aimed at promoting common values to work closely in development and global poverty elimination programs. “Priorities for joint action include accelerating action on global poverty; implementing delivery of basic services including health, education and water sanitation; the global action in climate change and food security, employment in particular through private sector development, implementation of the Paris Declaration and helping countries to develop stronger partnerships with these organizations.”
Ali said that his organization would be cooperating with the University of Cambridge to offer scholarships to needy students to pursue post-graduate degrees.
Foster said that he was delighted that the United Kingdom was working closely with the IDB. “Such a partnership is vital for good development and we look forward to a long and fruitful working relationship with our colleagues in the bank,” he added.
The two parties have already agreed to co-finance a project in Howta in Yemen which will bring clean water and improved sanitation to 360,000 people. “It is hoped that the project will lead to further joint work in Yemen, the Middle East and other countries where both DFID and IDB have existing engagements.”
