The Islamic Development Bank (IDB) Group and the African Bank Development (ABD) Group, signed recently a $1 Billion Partnership Memorandum of Understanding (MoU). The MoU was co-signed by IDB Group Vice-President Dr. Birama Boubacar Sidibe and his ABD Group counterpart Dr. Kamal ElKheshen. Under the Partnership MoU, the two Banks will earmark an amount equivalent to $ 500 Million over a period of three years starting 2011, for co-financing of sovereign projects in their Common Member Countries. The sectors of intervention are drawn from ADB's Medium Term Strategy and the IDB's Special Program for the Development of Africa focusing on priority areas namely: infrastructure, water and sanitation, regional integration, education, social infrastructure as well as agriculture and food security, institutional capacity building, training and statistics. --MORE