The ECO Trade and Development Bank signed a Memorandum of Understanding (MoU) with the IDB Group, which consists of multilateral financial institutions including the Islamic Development Bank (IDB), the Islamic Corporation for the Development of the Private Sector (ICD), the International Islamic Trade Finance Corporation (ITFC) and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). H.E Dr. Ahmad Mohamed Ali, the President of the IDB Group along with his team visited the President of the ECO Bank at the ECO Bank Headquarters Office in Istanbul, on October 6, 2009 for discussing the details of cooperation and signature of the said MoU.

The subject MoU highlights the common understanding of establishing mutually beneficial partnership between both Parties and provides a general framework to facilitate cooperation between the Parties in extending and promoting economic and social development of common member countries.

The areas of cooperation would inter alia include agriculture, infrastructure, manufacturing, trade, telecommunications, health and private sector development, etc. Within this perspective, it has been concluded that both Parties share information on joint operation opportunities and harness resources for co-finance/joint investment operations. The ECO Bank and the IDB Group agreed to maintain a close relationship and establish necessary follow-up mechanisms in order to achieve their respective goals and common purposes.