23.04.2012 | PR07/2012
April 23, 2012 Washington, DC
Mr. Haruhiko Kuroda, President of ADB, and OFID
Director-General, Mr. Suleiman J. Al-Herbish.
The Asian Development Bank (ADB) and the OPEC Fund for International Development (OFID), signed a framework co-financing agreement on April 21, to fund joint projects tackling Asia and the Pacific’s pressing public sector needs.
Under the agreement, ADB and OFID will invest in existing and new projects expected to help promote development in the energy, water supply and sanitation, education, transport, agriculture, and health sectors.
Commenting at the signing ceremony, Mr. Suleiman J. Al-Herbish, Director-General of OFID, said the agreement “further solidifies the long-standing relationship between the two organizations, dating back to 1977. He said, during the period “our cooperation in over 90 projects has been highly beneficial for developing countries in the region and a good basis for scaling-up our joint activities - one of the objectives of the Memorandum of Understanding we signed in May 2011.” Mr. Al-Herbish added that the agreement improves the sharing of relevant information between the two institutions to enhance the identification and implementation process of co-financed projects.
In tackling the enormous challenges facing the Asia-Pacific region, effective cooperation among development partners is becoming indispensable, ADB President Haruhiko Kuroda said at a signing ceremony at ADB’s North American Representative Office in Washington, D.C.
“Collaboration with key development partner like OFID is crucial to meeting our strategic objective of reducing poverty and improving the quality of life in the Asia and Pacific region,” he said.
Today’s signing of the framework co-financing agreement follows a Memorandum of Understanding (MOU) signed in May 2011 that marked the official establishment of a collaborative arrangement on institutional and project-specific levels.
OFID is the second largest co-financier of ADB projects after the World Bank, financing more than $800 million as at the end of 2011 for more than 90 ADB-assisted investment projects in Bangladesh, Cambodia, India, Myanmar, Nepal, Pakistan, Philippines, and Uzbekistan, among others.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members - 48 from the region.
OFID is a development finance institution which was established in 1976 by the Member States of the Organization of the Petroleum Exporting Countries (OPEC). The primary aim of OFID is to contribute to the social and economic advancement of developing countries. All developing countries, with the exception of OPEC Member Countries, are in principle eligible for OFID assistance. Today, 132 countries spread across Africa, Asia, Latin America, the Caribbean, the Middle East and Europe have benefited from OFID's assistance. For more information please visit: www.ofid.org.
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Electronic versions of OFID news releases can be found on OFID's website.