IsDB and IFAD sign $500m climate change adaptation deal

The International Fund for Agricultural Development (IFAD) and the Islamic Development Bank (IsDB) have signed a $500 million agreement to support countries vulnerable to climate change. The funds will be used to finance adaptation actions in rural areas. African countries will be the main beneficiaries.

Over the next five years, the IsDB and IFAD will finance rural agricultural development projects; support agricultural enterprises; improve access to rural markets and financial services; and improve water supply for rural development. The two financial institutions also plan to support trade between South-South countries to accelerate agricultural development.