Thursday, 27 June 2019 02:32 GMT

Guyana and Suriname finance ministers attend Islamic bank meeting in Marrakech

(MENAFN - Caribbean News Now) By Ray Chickrie
Caribbean News Now contributor

MARRAKECH, Morocco – The finance ministers of Guyana and Suriname, Winston Jordan and Gillmore Hoefdraad are representing their respective countries at the 44th annual general meeting of the Islamic Development Bank (IsDB) in Marrakech, Morocco from April 3 - 6, where the bank will unveil a new development plan for its members.

The two alternate governors of Guyana and Suriname to the Islamic Bank, Dr Shamir Ally and Dr Anwar Lall Mohamed, are also attending the meeting.

Commenting on future ties with the bank, Jordan wants to see the implementation of some "quick-win" projects between Guyana and the IsDB.

Jordan wants Guyana and the Islamic Bank to put in place a framework to 'deepen cooperation.'

The Islamic Bank has made available for Guyana US$900 million in credit. A few projects are expected to take off soon. However, Guyana is facing a significant shortage of skills, and it is inconceivable that the country can quickly utilise these funds. The Islamic Bank vetting process and auditing are very robust and transparent.

'Transformation in a changing world' is the slogan for this year's meeting and a clear reference to a new development strategy that compliments the UN's SDGs (sustainable development goals) that chair of the IsDB Group, the Saudi Bandar Hajjar plans to unveil in Marrakech.

Hajjar said to the media, 'We need to be constantly finding new, innovative ways to approach development in our fast-evolving world.'

He said that the world needs a new development model that 'focus[es] on root causes of development challenges rather than symptoms.'

According to the Moroccan minister of economy and finance, Mohamed Benchaaboun, a convention relating to the new IsDB financing program will be signed in Marrakech at the 44th annual meeting.

'We are in the process of finalising this funding program, which will interest the strategic sectors of health, education and the regions,' he told the Moroccan media.


Guyana and Suriname finance ministers attend Islamic bank meeting in Marrakech

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