IsDB and D-8 sign landmark agreement on economic resilience

The Islamic Development Bank (IsDB) and the D-8 have signed a landmark agreement on economic resilience, sustainable development and the promotion of trade among member countries. The agreement also includes joint implementation of projects, knowledge sharing, promotion of trade, education, SMEs and the provision of technical assistance. IsDB Vice President (Sector Operations) Dr. Mansur Muhtar and the Secretary General of D-8 Dr. Seyed AliMohammad Mousavi signed the agreement during the ninth D-8 session in Istanbul, Turkey.

Other areas of cooperation envisaged by agreement include identification and implementation of joint programs and projects and provision of technical assistance for projects identified by both parties, with particular focus on transportation, trade, investment and Islamic finance, energy, industry & SME, agriculture & food security, tourism, science and education, and establishment of data banks. The agreement also envisioned exchange of knowledge and information between the two institutions by encouraging visits by the personnel of both parties to discuss matters of common interest and exchange of documents and publications on economic and commercial issues.

In addition, IsDB shall consider allocation of scholarships for students from the States of common membership in accordance with IsDB scholarships terms Dr. Muhtar highlighted that over the past 42 years, IsDB has supported the socio-economic development of the D-8 member countries through social and economic infrastructure development, human development, trade finance and Islamic Financial Services Development. However, the D-8 members, being major emerging economies with strong records of economic growth and social development, have also demonstrated success of their IsDB Group has a long-standing commitment to enhance self-reliance, economic resilience and social well-being of the people of D-8 members that are also IsDB member countries.