Billionaire Bill Gates to work with Islamic bank to combat diseases

The Islamic Development Bank says the Bill and Melinda Gates Foundation has agreed to partner with the Jeddah-based bank to fight communicable disease and food insecurity in the Third World.

Co-chair of the Bill and Melinda Gates Foundation Bill Gates announced that the organisation is working with an Islamic bank to tackle diseases in the Third World. Nicholas Kamm / AFP PHOTO

The Bill and Melinda Gates Foundation has agreed to partner with the Islamic Development Bank (IDB) to "combat communicable disease and food insecurity in low-income countries," according to a statement from the Jeddah-based bank.
A memorandum of understanding (MOU) signed between IDB and the Gates Foundation establishes a five-year framework to collaborate on agricultural development, malaria prevention and elimination and polio eradication across Pakistan, Afghanistan and Nigeria.
"I am enthusiastic about our collaboration with the Islamic Development Bank," said co-chair of the Foundation, Bill Gates. "The bank's innovative approach to financing is helping to address some of the world's most pressing health and development challenges, including the urgent need to end polio forever."
IDB follows Abu Dhabi in becoming one of the latest donors to the Gates Foundation in the Middle East. It is currently working with the Foundation and the Pakistani government to develop a $227m financing package to eradicate polio in the country as well as a $12m grant for Afghanistan for similar activities.
"The Islamic Development Bank is committed to catalysing new approaches to funding economic and social development in its member countries around the world," said IDB President Dr. Ahmad Mohamed Ali. "I am confident that our partnership with the Gates Foundation will also inject new resources and momentum into the fight against polio, malaria, food insecurity and other pressing development challenges."
IDB provides financial assistance to some 56 countries in the Islamic world in the form of loans and grants. It recently signed two financing agreements worth $236m with the Tunisian government to develop a power plant project in Sousse and to provide vocational training programmes for young Tunisians to secure jobs.
Microsoft founder Mr Gates will be giving the keynote speech at the Abu Dhabi Media Summit today, focusing on global development and digital frontiers in emerging markets.
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