ADB, OFID Sign Agreement to Boost Cooperation

Asian Development Bank (ADB) President Haruhiko Kuroda and the Director-General of the OPEC Fund for International Development (OFID) Suleiman Jasir Al-Herbish recently signed a memorandum of understanding (MOU) that will expand the existing cooperation between the two organizations.

 

Under this MOU, ADB and OFID will work closely to identify projects with a view to jointly financing them. The two organizations 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.

 

To date, the two institutions have jointly implemented 90 projects amounting to US$785 million in the following countries like Afghanistan, Azerbaijan, Bangladesh, Cambodia, India, the Kyrgyz Republic, Lao People’s Democratic Republic, Maldives, Nepal, Pakistan, Papua New Guinea, the Philippines, Samoa, Solomon Islands, Sri Lanka, Tajikistan, Thailand, and Uzbekistan

Q.C