IsDB and IDB Presidents Confer on Boosting Cooperation & Co-financing Opportunities in Common Member Countries

Jeddah / Washington, 1 October 2021 - A meeting, on Friday, between Islamic Development Bank (IsDB) President and Chairman of IsDB Group, H.E. Dr. Muhammad Al Jasser and President of Inter-American Bank (IDB) Group, H.E. Mauricio J. Claver-Carone focused on exploring ways to strengthen the ongoing cooperation between the two development powerhouses aimed at creating more jobs and improving the livelihoods of their member countries through various development means including encouraging private sector investments. 

Since 2017, both Multilateral Development Banks (MDBs) have been pursuing a joint action plan for identification of knowledge sharing, co-financing and technical assistance opportunities in their Common Member Countries (CMCs) namely Suriname and Guyana. 

In Guyana, the two MDBs have already co-financed the ‘Energy Program Power Utility Upgrade (Lot C of the loan)’ Project at a total amount of US$ 87.57 million (IDB: US$ 64.57 million, IsDB: US$ 20 million, and Government of Guyana: US$ 3 million).

At the meeting, the IsDB President highlighted ongoing IsDB-IDB co-financed projects in Guyana and explained how the Bank is currently supporting the Government of Suriname in preparing a feasibility study and a detailed design for an academic hospital in Paramaribo whose financing is scheduled in 2023 with a co-financing possibility from IDB.

“I support cooperation with IDB on suitable initiatives that lead to creating more job opportunities and improving the livelihoods of the people,” Dr. Al Jasser stated, adding: “ICD, ICIEC, and IDB Invest Leadership Teams have been engaging in bilateral consultations to explore joint opportunities to intensify collaboration between our institutions in the private sector, trade credit insurance, and investment insurance.”

The two presidents then agreed to set the ground for i) developing risk insurance products, using the expertise of ICIEC within IsDB Group; and ii) studying promotion of private sector and international trade investments in Common Member Countries (CMCs) and beyond with the prime objective of improving the livelihoods of the people.  

IDB President, Mr. Mauricio J. Claver-Carone, meanwhile, expressed pleasure over the ongoing level of cooperation between the two MDBs and voiced hope that “the teams of both MDBs can be very creative as this mutual cooperation can go beyond what has happened so far.” “I am looking forward to finding more joint projects,” he stated.

The two MDBs’ “ConnectAmericas” teams have so far organized three knowledge sharing series on Halal industry and its opportunities and IsDB looks forward to replicating the online trading and investment platform for its 57 member countries.

In addition to Suriname and Guyana, IsDB has been financing the construction of education facilities to support communities in some non-member countries in the Caribbean and South America regions, including Antigua and Barbuda, Argentina, Bolivia, Ecuador, Grenada, Jamaica, Paraguay, Trinidad and Tobago, and Venezuela.