The Food and Agriculture Organization of the United Nations (FAO), the Islamic Development Bank (IsDB), and the International Fund for Agricultural Development (IFAD) have joined hands in a significant partnership agreement aimed at enhancing global food security and nutrition. This trilateral cooperation agreement focuses on empowering rural smallholder farmers by providing them with accessible, affordable and adaptable technologies crucial for ensuring food security, according to an official press release. IsDB’s Vice President of Operations Dr. Mansur Muhtar emphasized the significance of this collaboration in addressing the pressing challenges of food insecurity and malnutrition that confront numerous IsDB Member Countries, particularly among small-scale farmers and pastoralist communities. Global food prices down 2.1 pct in August: FAO He stated, "Our partnership with FAO and IFAD will play a pivotal role in identifying technologies suitable for integration into IsDB's Food Security Response Program (FSRP) and other agricultural initiatives." This alliance is poised to usher in transformative change in agricultural sustainability and food security across diverse regions. “A majority of countries in the Near East and North Africa region projects increasing rates of food insecurity and malnutrition. These challenges are particularly more prevalent amongst small-scale farmers and pastoralist communities. The new tripartite cooperation between FAO, IsDB and IFAD will facilitate identification of technologies that have the potential for mainstreaming throughout the crop value chain to improve livelihoods of smallholder farmers and food security among the entire populations,” said AbdulHakim Elwaer, FAO assistant director-general and regional representative for the Near East and North Africa (NENA).  “This cooperation is important to FAO, as it is a first building block in the partnership between FAO and IsDB since the signing of an MoU in 2020.” Elwaer added. “Technology has enabled small-scale producers to effectively contribute to sustainable agricultural development and food security. Despite the huge efforts to introduce new technologies to support farmers across the value chain, there is still an urgent need to increase capacities and accelerate innovation through partnerships. The cooperation agreement is a major milestone in our joining forces with other partners to help reach the United Nations Sustainable Development Goals and Saudi Vision 2030," said IFAD’s Director of Sustainable Production, Markets, and Institutions Division Thouraya Triki.  FAO-ERD sign technical assistance project agreement  She added: "We aim through this agreement to share our knowledge and technical expertise with FAO and IsDB and benefit from this joint initiative to promote the scale of these technologies and strengthen the capacities of rural farmers to help them to reduce costs and increase production, income and food security.” These transferable, adoptable, smart agricultural technologies and digital solutions will support the development of low carbon agriculture, improve resilience, contribute to poverty alleviation, create employment and reduce vulnerability to climate-related risks. Aligned with the digital era, this collective initiative aspires to harness innovative tools and approaches with the objective of empowering rural households and smallholder family farmers to thrive despite multifaceted challenges. These technologies and solutions are anticipated not only to improve agricultural productivity but also to pave the way for sustainable, low-carbon practices. By enhancing resilience, reducing poverty, creating employment opportunities, and mitigating vulnerabilities linked to climate-induced risks, this partnership emerges as a source of optimism. Global food prices rise after collapse of Black Sea deal: FAO This tripartite agreement represents a synergistic collaboration, harnessing the expertise and resources of FAO, IsDB, and IFAD to empower rural households, uplift smallholder family farmers, and contribute to elevated global food security. Through the integration of cutting-edge technologies into agricultural practices, this partnership seeks to cultivate a sustainable and resilient food supply, fostering prosperity for communities worldwide.

Islamic Development Bank (IsDB) will provide USD $ 56 million to improve sanitation and hygiene services for 14 lakh (1.4 million) people of 10  priority towns in Bangladesh. A loan deal in this regard was signed between Econmic Relation Division (ERD) and IsDB) here on Sunday. Under the loan agreement, IsDB will provide $ 56 million, out of which $ 36.4 million is loan and S$ 19.6 million is grant. Read: TCB to provide food support to 1 crore families during Ramadan: Tipu Fatima Yasmin, secretary of Economic Relations Division, ministry of finance has signed the agreement documents with IsDB. The purpose of the loan is to improve quality of lives and livelihoods for 1.4 million citizens of ten selected priority towns including Narsingdi, Shariatpur, Cumilla, Lakshmipur, Jamalpur, Notore, Pabna, Sirajgani, Bagerhat and Patuakhali. The project implementation will ensure safer, adequate, equitable, sustainable sanitation, hygiene, facilities and services with a special focus on the urban poor women and children in 10 towns of Bangladesh. The $36.4 million loan shall bear an interest rate approximately 3.20%. The total financing shall have a maturity of 20 years including a grace period of 5 years.  IsDB is one of the leading and trusted development partners of Bangladesh. Read: OPEC provides $ 75 million to Bangladesh for pandemic recovery The purpose of the bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Islamic Shari’ah. Bangladesh is one of the founding members of the IsDB. The development partner has been providing financial assistance since its inception in the form of grant, project loan, trade financing, private sector financing, export credit guarantee etc. As of now IsDB has approved approximately 22.51 billion US$. IsDB’s project financing in the public sector of Bangladesh mainly focuses on sanitation, water sector, education, power, rural infrastructure, poverty alleviation and agriculture.

The Islamic Development Bank (IsDB) Group, the AAA-rated multilateral development bank of the Muslim world, has announced $1.2 billion in funding commitments to support the post-pandemic economic recovery in its members. The funding commitments, which comprise around 30 memorandums of understanding (MoUs) and agreements signed between the IsDB Group entities and counterpart institutions in member countries in Africa and Asia, were inked during the Group's 2021 annual meetings, held in Uzbekistan's Tashkent. Deeping cooperation with the host country, the IsDB announced the launch of the Economic Empowerment Fund for Uzbekistan, established in cooperation with the Uzbek government and private sector investors from Saudi Arabia.   The $100 million fund, of which $20 million has been committed by the IsDB, aims to create 100,000 jobs by supporting micro, small, and medium-sized enterprises (MSMEs). This is the first impact investment fund established in Uzbekistan, said the IsDB Saturday. In a special address during the annual meetings, which coincided with the 30th anniversary of Uzbekistan's independence, President Shavkat Mirziyoyev hailed the launch of the new fund as a vote of confidence in the country's development and the continued implementation of economic reforms.  In 2019, President Mirziyoyev issued an executive order creating the framework for expanded cooperation between Uzbekistan and the IsDB.  Other commitments to Uzbekistan included a major $200 million investment to support economic development in rural areas of the country.  The IsDB also signed an agreement to finance the second phase of a project devoted to expanding access to oncology services in Uzbekistan by equipping treatment centres and expanding medical training. Sardor Umurzakov, deputy prime minister and minister of investments and foreign trade of Uzbekistan, who presided over the annual meetings as chairman of the board of governors, hailed the IsDB Group's bold mobilisation of financial resources. "Uzbekistan is proud to have hosted such a productive edition of the annual meetings. This year, it was crucial that the bank continued to use its financial resources to address the economic needs of member countries. The clear message of these funding commitments is that member countries are stronger and more resilient when they act in unison," Umurzakov said. Global supply chain disruptions caused by the Covid-19 pandemic have posed a challenge for developing countries. Prices for key commodities, including basic foodstuffs, have risen dramatically, putting the economic recovery of import-dependent countries at risk. The Islamic Trade Finance Corporation (ITFC) will provide trade financing to several countries to support the import of strategic commodities, including energy products and foodstuffs. The Union of Comoros will receive $392 million over the next three years to support food and energy security. Burkina Faso will receive $100 million to support the purchase of refined petroleum products for the country's energy sector. The ITFC also signed similar agreements with Guinea and the Maldives, committing $100 million and $75 million, to support the import of fuel and food commodities. The IsDB signed several agreements focusing on economic development. The bank will also fund two major projects in Benin, with a combined value of $150 million. The first project will support community health and nutrition in support of Benin's goal of providing universal health coverage by 2025. The second project will support upgrades to the storm draining system of the capital city of Cotonou to reduce the risks of flooding. "The Covid-19 pandemic taught us difficult lessons about the fragility of national economies in a globalised world," said IsDB Group Chairman Dr Muhammad Al Jasser. "We are using the opportunity of our annual meetings to ensure that the power of multilateralism can help create stronger, more resilient economies in the long term." The IsDB has 57 members, comprising one-fifth of the world population. In 2020, the bank approved $6.8 billion in funding commitments. The banks' response to the Covid-19 pandemic included a $4.56 billion Strategic Preparedness and Response Program (SPRP), which is estimated to have delivered economic assistance to more than 55 million people.