World Bank managing director visits IDB 

(MENAFN - Arab News) Ngozi Okonjo-Iweala, managing director of the World Bank, visited the Jeddah offices of the Islamic Development Bank (IDB) on Tuesday to promote cooperation between the two institutes.

Okonjo-Iweala also met IDB President Ahmad Mohamed Ali during her visit and delivered a keynote address entitled "Post-Crisis World: How Do We Help Low-Income Families," which touched on the global economic crisis and its expected implications. She also delivered several important proposals to assist low-income countries to cope with the negative effects of the crisis.

Other major topics discussed between the two administrators included an extensive discussion on a number of important issues such as the experiences of the two institutions in working for food security in member countries and Islamic finance. Okonjo-Iweala expressed interest in benefiting from the IDB's experience in Islamic finance. "Cooperation between World Bank and the Islamic Development Bank is needed to help address environmental problems," said Okonjo-Iweala.

For this reason, climate change and its negative impact on various aspects of economical development were also thoroughly discussed while highlighting the agricultural sector as a vital means of economic revenue.

The IDB president also briefed Okonjo-Iweala on recent experiences related to the Islamic Solidarity Fund for Development and its program to combat poverty, as well as the bank's efforts to support economic and social development in member African countries.

Concluding the meeting, Ali stressed the IDB's eagerness to develop continued relations between the two financial institutions and strengthen their cooperation in various areas of common interest to the greatest possible potential.

By Sarah Abdullah