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FAO and IDB announce $1 billion deal to help agriculture in poor countries
The UN Food and Agriculture Programme (FAO) and the Islamic Development Bank (IDB) have announced a $1billion agreement to fund agricultural development in poor countries that belong to both organizations.
FAO forum
The agreement was concluded in Rome on Sunday by FAO Director General Jacques Diouf and the President of IDB Dr. Ahmad Mohamed Ali on the eve of the Word Food Summit.
Under the agreement, IDB will contribute $1 billion over the next three years from 2010 to 2012 in the framework of Jeddah Declaration.
That declaration approved by the Islamic Development Bank's Board of Executive Directors in June 2008 is to finance priority projects in 26 least-developed IDB member countries.
FAO will provide the necessary technical support for the formulation and implementation of projects.
Dianne Penn, United Nations Radio.
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