Rome, Jan 29 (IANS/AKI): The United Nations World Food Programme and the Islamic Development Bank will collaborate on food security, nutrition and novel ways of development financing under a new accord, the WFP said on Tuesday.

"The first agreement between the World Food Programme and the Islamic Development Bank showcases our joint commitment to help member countries achieve their development goals," WFP's Executive Director David Beasley said in a statement.

Beasley, who signed the accord with IsDB president Bandar Hajjar, called it "an exciting moment".

"We are joining forces to kick-start progress on the nutrition and food security agenda and pioneer new ways of financing for development," he said.

Hajjar said the memorandum of understanding reflects WFP's and IsDB's commitment "to cooperate on innovative, high-impact food security and nutrition projects".

The MoU "is based on principles of co-development, co-financing, and mutual benefits, making full use of our complementary strengths and expanding the role of our institution as a bank of developers," he said.

Under the accord, WFP and IsDB will work together on co-financing and alternative financing mechanisms. The two organisations will also look at ways to cooperate on food security, nutrition, agriculture, rural development, human capital and institutional development, Hajjar stated.

Beasely and Hajjar signed the MoU on the side-ines of the World Economic Forum in Davos, Switzerland last week, the statement said.