The world is implementing various strategies to recover from the delays caused by the pandemic. In this regard, the Islamic Development Bank (IDB) and the Arab Bank for Economic Development in Africa (BADEA) have signed an agreement to renew their partnership with development institutions in Africa.

 "The partnership will allow us to create financing and investment programs that will address key development challenges and help our member countries seize emerging opportunities in the global value chain to build resilience and create wealth in the post-Covid-19 world," said IDB President Bandar Hajjar.

The agreement concerns co-financing during the period 2021-2024, and focuses on areas of collaboration that involve joint diagnostics; special initiatives that support inclusive social development; science, technology, and innovation; global value chains (GVC); private sector development; and trade finance, facilitation, promotion, and development policies.

The agreement provides to cover sukuk (Islamic bonds) issues; policy formulation and investment promotion; insurance of investment operations and export credit; climate action, cooperation and regional integration.

In the last decade, IDB and ADBAS have co-financed more than 12 projects in Ivory Coast, Guinea, Gambia, Sierra Leone, Mali, Senegal, Chad, Niger, Togo, and Mozambique.

These operations covered sectors such as education, water, sanitation, urban development, agriculture, transportation, energy, health, and trade.