(MENAFN- Trend News Agency) RIYADH, Saudi Arabia, April 29 .Türkiye and the Islamic Development Bank (IsDB) Group have launcheda new Country Engagement Framework (CEF) under the theme“Supporting Resilient, Inclusive, and Sustainable Development inTürkiye”, Trend reports.
The launching took place on April 29, 2024, in Riyadh, Kingdomof Saudi Arabia, between IsDB President and Group Chairman, Dr Al Jasser, and Dr. Mehmet Şimşek, Minister of Treasury andFinance and IsDB Governor for Türkiye, on the sidelines of theongoing 2024 IsDB Group Annual Meetings and Golden Jubileecelebrating the 50th establishment anniversary of the Bank.
The CEF is a three-year plan (2024-2026) that fullyaligns with IsDB Group's mission and realigned strategy and enablesimpactful solutions in line with Türkiye's 12th Development Plan(2024-2028) and Medium-Term Program (MTP, 2024-2026), correspondingwith the UN Sustainable Development Goals (SDGs).
The CEF aims to support the government in achieving itsdevelopment targets by addressing some of the critical bottlenecksassociated with current and emerging economic and financialchallenges. The financing envelope for the IsDB Group's CEF(2024–2026) is tentatively set at US$6.3 billion. It comprisesIsDB's public-sector and public-private partnership (PPP) fundingof US$2 billion, ITFC (the International Islamic Trade FinanceCorporation) financing of US$900 million, ICD (the IslamicCorporation for the Development of the Private Sector) financing ofUS$300 million, and ICIEC (the Islamic Corporation for theInsurance of Investment and Export Credit), IsDB Group's investmentinsurance arm, coverage of US$3.1 billion.
The IsDB Group-Türkiye CEF is based on twostrategic pillars: (i) Resilient and Sustainable Transition; (ii)Productivity Enhancement, Competitiveness, and Inclusive Growth;and has cross-cutting pillars of Digital Transformation; IslamicFinance; Regional Economic Cooperation and Integration; CapacityDevelopment; and South-South Cooperation.
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