May 10, 2021

Guyana becomes 57th member of the Islamic Bank

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granger_isdbBy Ray Chickrie From Caribbean News Now

GEORGETOWN, Guyana — Guyana is now a member of the Islamic Development Bank (IsDB), after joining the Organization of Islamic Cooperation (OIC) in 1998, according to a press release from the ministry of finance on Friday. Membership in the OIC is a prerequisite to joining the IDB. The official public announcement of Guyana’s membership will be made when the finance minister of Guyana, Winston Jordan, makes his debut appearance at the 41st Islamic Bank Annual meeting in Jakarta on May 15.

Jordan will also hold the title of governor to the Islamic Bank and a deputy governor must also be appointed before the next major gathering of the group in Jakarta. This is one requirement expected to be executed by member states of the Islamic Bank.

The finance ministry did not make pubic who will hold these positions. The quick execution of Guyana’s application may have caught the finance ministry by surprise.

Diplomats are urging Guyana to appoint its next ambassador to Kuwait to the OIC as well. This is a logical step and cost efficient, since most of the activities of the OIC and its many organs are based in the Middle East and North Africa (MENA) region.

According to the finance ministry press release, this membership allows Guyana “access to concessionary resources, 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,” part of the statement read.

The IDB was established in December 1973 and officially opened its doors for business on October 20, 1975, with headquarters in Saudi Arabia. It also operates through regional offices in Kazakhstan, Senegal, Malaysia and Morocco. The Islamic Bank, if Suriname and Guyana seriously engage the group, which has recently expanded its business in Suriname, said it will open a branch in Paramaribo.

Later this month, Jordan is expected in Suriname when that country hosts a meeting of central banks and monetary authorities of OIC member countries.

Since 1971, the Islamic Bank has promoted economic and development in various parts of the world amounting to about US$235 billion, 60 percent of which has gone to support public and private sector investments including infrastructure for energy, transport, communications and social services.

The new coalition government of President David Granger promised to expand and reset ties with Africa and the Middle East. Granger studied in Nigeria and has strong links with Africa and the Islamic world, and has promised to strengthen ties with the Islamic bloc.

Guyana still doesn’t have diplomatic relations with 18 member-states of the OIC: 14 in Africa and four in Asia. Granger visited Saudi Arabia in November and held meetings with King Salman and the OIC secretary general, Dr Ameen Iyad Al Madani. Guyana’s membership in the Islamic Bank was a promise that Granger made during his visit to Jeddah.

Granger has also accepted an invitation to attend the OIC heads of government summit in Turkey.

For more on this story go to: http://www.caribbeannewsnow.com/headline-Guyana-becomes-57th-member-of-the-Islamic-Bank-29878.html

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