The President of the Islamic Development Bank (IDB), Dr. Bandar Hajjar and the CEO of the Arab Bank for Economic Development in Africa (BADEA), Dr. Sidi Ould TAH, have signed a historic agreement aimed at boosting the co-financing of development projects in common member countries in Africa. Unemployment and poverty rates in developing countries are on the rise, making it necessary to come up with measures that would significantly improve the co-financing of development projects to help developing countries recover and rebuild their rural productive assets. “The partnership we have signed today will allow us to co-create financing and investment programs that will not only address key development challenges, but will also help our member countries tap into emerging value chain opportunities. to build resilience and create wealth in the post-COVID-19 world,” said IDB President Dr. Bandar Hajjar. The agreement is for co-financing over the period 2021-2024. It includes key areas of collaboration such as joint diagnostic work; procurement and capacity assessments; special initiatives that support inclusive social development; science, technology and innovation; global value chains (GVCs); private sector development; trade finance; trade policy, trade development, trade facilitation and promotion, including under the AATB (Arab Africa Trade Bridges) program and joint syndicated trade transactions. Other areas covered by the agreement are issuance of sukuk; investments; investment promotion and policy formulation; insurance of investment and export credit operations; climate action, regional cooperation and integration.