IDB Financing to Six CIS States Reaches $4.6 Billion

The Islamic Development Bank Group (IDB) has so far extended financing worth a total of $4.6 billion for its six member states among the Commonwealth of Independent States (CIS). This was stated by Tajikistan’s Minister of Economic Development and Trade Sharif Rahimzoda in his opening speech at the “Dushanbe Business Forum 2013 here yesterday.

The seminar is organized by the Islamic Corporation for the Development of the Private Sector (ICD) on the sidelines of the 38th Annual Meeting of the Board of Governors of the Islamic Development Bank Group (IDB). The theme of the seminar is “Financing and job opportunities in IDB projects and the success stories.”

It was stated in the seminar that as many as 340 projects have been implemented in the six member countries -Tajikistan, Turkmenistan, Kirgyzia, Azerbaijan, Kazakhstan, and Uzbekistan. Tajikistan has benefited from $290 million financing.  ICD organized the seminar in collaboration with the IDB Business Forum, Tajinvest, the Chamber of Commerce and Industry of Tajikistan, and Agro Invest Bank. The seminar, which showcases Tajikistan as a promising investment destination, focuses on the best practices of Islamic banking and leasing. The Forum aims at strengthening the economic ties between the Tajikistan and the OIC countries by attracting investment into Tajikistan. The forum also highlights the economy and business environment in Tajikistan and the available investment opportunities and prospective business partnerships.

The 38th Annual Meeting of the IDB Board of Governors will begin in Dushanbe on Tuesday. More than 730 representatives from 50 member states and 68 international financial institutes are attending the IDB meeting. Raising the capital of IDB from $45 billion will figure high on the agenda of the meet, according to IDB sources. Tajikistan President Emomalii Rahmon will open the meet in which ministers of finance, economy and planning from the member states, in addition to representatives of regional and international financial organizations, Islamic banks, national organizations for development financing, and federations of contractors and consultants from the member countries will take part.

The conference will discuss increasing the capital in line with the recommendations of the Extraordinary Islamic Summit held in Makkah in August 2012 so as to enable the bank to play an active role in meeting the growing financial requirements of the member countries. On the sidelines of the Governors’ Meet, Dushanbe will also witness the annual meetings of the subsidiary organizations and bodies of IDB.