Cooperation agreement between Islamic, African development banks

Both the Islamic Development Bank and African Development Bank have endorsed an agreement to exchange data on managing dangers, financing projects, developing human resources and providing investment services.

Moreover, the Islamic Development Bank will share in establishing Africa's joint bank for development, in which the African development bank takes part, as well as a number of African and international corporations.

Meanwhile, the African Development Bank has agreed to offer the Alexandria company for iron and steel a $10 million loan. The bank also decided to take part in buying 5% of the shares to increase the company's capital to face the future expansion of the company's projects and raising up new products in Arab and Egyptian banks.