KOREA - FINANCE - Islamic Development Bank signs $2bn deal with Korea Development Bank

www.cpifinancial.net - The Islamic Development Bank ( IDB ) has signed a Framework Co-financing Agreement (FCA) with Korea Development Bank (KDB) in which each bank will earmark $1 billion to co-finance public private partnership (PPP) projects in IDB member countries over the next three years.
 

The common pipeline of projects for co-financing would be based on the two institutions' shared understanding of the development needs of the target countries and best practice concepts on development financing. The agreement aims to target projects in infrastructure, agriculture, human development and development of the private sector.  (source)



IDB Vice President Abdulaziz Al-Hinai said IDB welcomed the opportunity to work with KDB and hoped the co-financing platform would help mobilise governments and the private sector to work hand in hand and develop high quality infrastructure projects.

KDB Executive Director Won Il-Kim stated that the PPP model has been successfully applied in Korea and with this co-financing arrangement, his institution hopes to share its relevant experience and know-how of the model with IDB in the MENA region.

Source: http://www.cpifinancial.net/news/post/14664/islamic-development-bank-signs-2bn-deal-with-korea-development-bank  - June 28, 2012