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Guyana becomes member of Islamic bank
…eyes concessionary financing
Guyana has acceded to membership of the Islamic Development Bank (IDB). This information was transmitted via an official correspondence to the Government of Guyana on March 22, last, the Ministry of Finance disclosed
Guyana has become a member of the Islamic Development Bank.
yesterday.
“This is a signal development as Guyana has been attempting to join the bank ever since it became a member of the Organization of Islamic Conference (OIC) in 1998, as this is a prerequisite to joining the membership of the Islamic Development Bank.”
According to the Ministry, at a time when access to concessionary resources is becoming more difficult, membership to the bank will afford Guyana an alternative source of financing to highly concessional resources including grants and interest free loans.
“This will greatly assist in financing the Government’s development agenda; redounding to the ‘good life’ for all citizens. The areas of intervention of the IDB include human development, rural development and food safety, infrastructural development, trade among member countries and private sector development, research and development in Islamic economies and banking and finance.”
The Islamic Development Bank (IDB) was established in December 1973 and officially opened its doors for business on October 20, 1975, with headquarters in the Kingdom of Saudi Arabia. It also operates through regional offices in Kazakhstan, Senegal, Malaysia and the Kingdom of Morocco.
The bank was established with the purpose of fostering economic development and social progress in member countries and Muslim communities.
The IDB currently has a membership of 56 countries in Latin America (1); African (27); Europe (2) and Asia (26). Guyana joins as the 57thmember. Suriname is the other CARICOM Member State that is a member.
Guyana has largely been dependent as a country on financing from China, India, the Inter-American Development Bank and the Caribbean Development Bank.
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