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20/07/2009

IDB and FAO sign new Memorandum of Understanding to expand collaboration on agriculture and rural development

The Inter-American Development Bank (IDB) and the Food and Agriculture Organization of the United Nations (FAO) signed today a new Memorandum of Understanding that will widen collaboration between the two multilateral assistance agencies. The Agreement will provide a non-exclusive framework for joint cooperation on investment programmes and projects to support the development of agriculture and rural areas in Latin America and the Caribbean.

The new Agreement will facilitate operations between the agencies and government bodies in the identification and preparation of investment project proposals, execution of technical assistance activities, and supervision and evaluation of results of projects financed by IDB.

Cooperation between IDB and FAO began in 1965. Since then, FAO’s Investment Centre has helped to formulate 22 investment projects approved for financing by IDB for total investments worth around USD 436 million and seven investment projects co-financed by IDB valued over USD 476 million. These projects have assisted governments in the region to improve fisheries production, agricultural marketing and export, irrigation and rural development, and agricultural services. Other assistance to the countries has involved sector reviews and support in targeting sustainable investment opportunities. Most recently, IDB and FAO have collaborated on emergency assistance for rehabilitation of the agricultural sector in Caribbean island states devastated by hurricane damage.