IsDB and AFD sign $1bn Agreement to Support Fragile Countries in the Sahel Region

Jeddah, Kingdom of Saudi Arabia 24 January 2018: Leaders of Islamic Development Bank (IsDB) and the French Agency for Development (AFD) have signed a US $1 billion co-financing agreement to support countries in the Sahel Region. President of IsDB, Dr. Bandar Hajjar and Director General of AFD, Mr. Remy Rioux signed the agreement in Jeddah, the headquarters of IsDB. Each party will contribute US $500 million by 2022 for joint operations in Climate Finance, Sustainable Cities and Villages, Fragility, Private Sector Development and Innovation. The new agreement is in continuation of the success of an earlier agreement signed in 2012. Following the new agreement, IsDB and AFD will work on joint project preparation and appraisal, and institutional capacity assessments; sharing of pipeline and annual work programs; advisory services and technical assistance; development effectiveness; and sovereign and non-sovereign projects (including public-private partnerships), trade finance, and political risk insurance. At a Town Hall Meeting organized after the signing ceremony, IsDB President Dr. Bandar Hajjar stated: “Like most of our partners, at the Islamic Development Bank, we understand the gravity of the risks climate change poses to our cities, agriculture, transport, water and energy systems, as well as the opportunities climate change offers to least developed and emerging economies in IsDB member countries.”

Dr. Hajjar added that as a south-south development institution, climate change remains a priority for us and we plan to incorporate it in our work as per the needs of our member countries. “In our effort to address the threat of climate change through adaptation and mitigation, IsDB is committed to scale up its climate financing towards viable climate-friendly, resilient, adaptive and climate-mitigating development options and projects in IsDB member countries.” Dr. Hajjar added. Speaking after the signing ceremony, AFD Director General, Mr. Remy Rioux stated that the two institutions have been working together since 1976; adding that the first project of IsDB was financed in partnership with AFD. Since then, about 10 billion Euros of project financing has been spent by the two institutions.

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