Guyana mulls joining Islamic Development Bank

Last Updated on Thursday, 16 October 2014, 23:18 by GxMedia

Guyana is currently exploring the option of fosteringcloser cooperation with the Islamic Development Bank, including giving active consideration to the possibility of joining that Bank, the Finance Ministry annouced on Thursday.

Minister of Finance, Dr. Ashni Singh recently met with the leadership of the Bank during a visit to Washington DC at the weekend.

“The Islamic Development Bank aims to foster economic and social progress and is an internationally respected development institution,” says Minister Singh was quoted as saying. “Furthermore, Islamic finance is currently attracting more international attention than ever before. In addition, Guyana is already a member of the Organisation of Islamic Cooperation and is home to a large and vibrant Muslim population. It is therefore appropriate that we explore further this option of financial support.”

At the meeting Minister Singh and the Bank’s President Dr. Ahmed Mohammed Ali Al Madani, discussed opportunities for closer cooperation between Guyana and the Bank, and the process by which Guyana could eventually become a member. Minister Singh reaffirmed Guyana’s interest in being able to access concessional financing from the Bank to help fund local projects aimed at further improving Guyana’s physical and social infrastructure and to raise the standard of living for all Guyanese.

 The Islamic Development Bank is an international financial institution established in October 1975 with 56 member countries. The Bank participates in equity capital and grant loans to support projects and enterprises in member countries. The Bank also establishes and operates special funds for specific purposes including a fund for assistance to Muslim communities in non-member countries. The Bank is also charged with the responsibility of assisting in the promotion of foreign trade especially in capital goods, among member countries; providing technical assistance to member countries; and extending training facilities for personnel engaged in development activities in member countries