A Memorandum of Understanding (MoU) was signed on Wednesday, between the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group, and the Islamic Organization for Food Security (IOFS), a specialized organization responsible for activities in the field of food security, sustainable agriculture and rural development.
The MoU envisages cooperation to explore the feasibility of establishing a viable financing platform and business model for mutual collaboration in implementation of food security, agriculture and rural development projects and initiatives. Under the agreement, co-operation will also be achieved through identifying projects and programmes for financing and co-financing in food security, agriculture and rural development, in accordance with the respective policies of each institution.
Khaled Al Aboodi, the Chief executive officer and general manager of ICD, and Yerzhan Jalmukhanov, director general of IOFS, signed the MoU.
During the signing ceremony, Al-Aboodi commented: “We are pleased to find common ground to work with IOFS. The cooperation between ICD and IOFS will render our respective activities more effective and beneficial to the private sector in the countries in which we undertake our operations”.
Yerzhan Jalmukhanov said, “We realize the many benefits of our close and continuing collaboration with ICD in enhancing the realization of our objectives. We believe that our cooperation will foster our joint operations, but will also promote food security and expand the financial products and services offered to private sector investors in our common member countries.”
IOFS is a specialized institution, headquartered in Astana, Republic of Kazakhstan.
It provides expertise and technical know-how to member states on the various aspects of sustainable agriculture, rural development, food security, and biotechnology including addressing the problems posed by desertification, deforestation, erosion and salinity as well as providing social safety nets.