Rome, 16 Nov. (AKI) - As world leaders were preparing to meet in Rome for a world food summit, the United Nations' Food and Agriculture Organization and the Islamic Development Bank announced a one billion dollar agreement to fund agricultural development in poor countries.  

Italian Prime Minister Silvio Berlusconi is the only leader from one of the G8 leading industrialised countries due to take part in the conference. Pope Benedict XVI will also address delegates.

Meanwhile, the new funding agreement was endorsed in Rome by Ahmad Mohamed Ali, president of the IDB, and FAO director-general Jacques Diouf on Sunday.

In a statement the organisations said the move would help leverage additional resources and bring total investment in the joint programme to 5 billion dollars by 2012.  

This agreement comes at a critical moment, when the international community recognises it has neglected agriculture for many years, the organisations said.

Sustained investment in agriculture—especially smallholder agriculture—is the key to food security, they noted. 

Under the agreement, IDB will contribute one billion dollars over the next three years to finance priority projects in 26 of the least developed IDB member countries.

The FAO will provide the technical support for the formulation and implementation of projects.

The two institutions are committed to improving rural infrastructure, promoting local economic development and enhancing food security.