ADB, OFID sign agreement to boost cooperation

Asian Development Bank (ADB) president Haruhiko Kuroda and OPEC Fund for International Development (OFID) director-general Suleiman Jasir Al-Herbish on Monday signed on behalf of their respective organisations a memorandum of understanding (MoU) that will expand the existing cooperation between the two organisations.
The agreement was signed just before the 44th Annual Meeting of the ADB’s Board of Governors, which runs from May 3 to 6 in Ha Noi, Viet Nam.
“In working together, ADB and OFID will improve coordination in development activities in our common partner countries and in those priority sectors that we both share,” said Kuroda ahead of the signing ceremony.
Under the MoU, ADB and OFID will work closely to identify projects with a view to jointly financing them. The two organisations will exchange information to better support each others’ activities and will hold consultations to discuss issues of common interest, including helping the region’s poor to access energy to support economic growth and improve livelihoods.
“This agreement enhances our existing framework of institutional cooperation, benefiting OFID and ADB common partner countries and Asian regional initiatives," Al-Herbish said commenting on the signing.
The MoU formalises a long-standing relationship between the two organisations that dates back to 1976 when OFID was established.
To date, the two institutions have jointly implemented 90 projects amounting to $765 million in Afghanistan, Azerbaijan, Bangladesh, Cambodia, India, the Kyrgyz Republic, Lao People’s Democratic Republic, Maldives, Nepal, Pakistan, Papua New Guinea, Philippines, Samoa, Solomon Islands, Sri Lanka, Tajikistan, Thailand, and Uzbekistan.
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. In 2010, ADB approvals, including cofinancing, totaled $17.51 billion. In addition, ADB's ongoing Trade Finance Programme supported $2.8 billion in trade.
OFID’s primary aim is to contribute to the socio-economic advancement of developing countries. OFID is present in almost all sectors of development and is effectively contributing to global efforts toward meeting the MDGs and the 'missing nineth goal' which is the eradication of energy poverty, a key pillar for sustainable socio-economic growth and poverty reduction. Since its inception, OFID has committed more than $13 billion in support of sustainable development.