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Guyana formally inducted into Islamic Development Bank
Guyana has been recently welcomed into the membership of the Islamic Development Bank (IDB) with a grand, formal ceremony that was held in Jakarta, Indonesia, expressed Finance Minister, Winston Jordan.
In an interview with Kaieteur News, Jordan explained that the occasion marked a remarkable step for Guyana. The Finance Minister said that he is expected to meet with the President of the Bank tomorrow to ascertain how quickly a mission could be sent to Guyana to develop a strategy paper on the way forward for both parties.
The Ministry of Finance was initially informed that the country’s application for membership to the bank was accepted via an official correspondence to the Government of Guyana on March 22, last.
The Finance Minister said, “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.”
He said that 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,” expressed the Finance Minister.
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 57th member. 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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