OIC roundup: IsDB commits over $1.4 billion to advance development goals
Here's a roundup of key developments across the OIC ecosystem during the month of March
Editor's Note: The OIC bloc has been dominating headlines this month, from welcoming Syria's reinstatement to the border demarcation agreement between Kyrgyzstan and Tajikistan.
Meanwhile, Saudi-headquartered IsDB commits north of a $1 billion to advance development goals across select member countries.
Trade Developments
Oman / Pakistan
Oman and Pakistan keen to attract more investments, simplify trade procedures
The Minister of Commerce, Industry and Investment Promotion of Oman met with the Federal Minister of Commerce of Pakistan to discuss ways to strengthen economic relations between the two countries.
The meeting focused on promoting promising sectors, improving the business environment, attracting investments, simplifying trade procedures, and boosting trade exchange. (Zawya)
UAE / Bangladesh
Sharjah Chamber, Dhaka Chamber of Commerce and Industry sign MoU
The Sharjah Chamber of Commerce and Industry and the Dhaka Chamber of Commerce and Industry (DCCI) have signed a memorandum of understanding (MoU) to strengthen trade relations and develop economic partnerships between the business communities of the two countries.
The MoU aims to enhance cooperation between private sector enterprises, highlight investment opportunities, encourage growth in target markets, and promote products and services through collaboration in specialized trade exhibitions. (Zawya)
Investment
Uzbekistan
ICD, Turonbank to support private sector growth in Uzbekistan
The Islamic Corporation for the Development of the Private Sector (ICD) and Private Joint-Stock Bank "Turonbank" have signed a $30 million Islamic line of financing facility to support small and medium-sized enterprises (SMEs) and the private sector in Uzbekistan.
The new financing facility, channeled through Turonbank, aims to provide entrepreneurs with financial resources to launch and expand their businesses, driving sustainable economic growth. (Zawya)
Saudi Arabia
IsDB commits over $1.4 billion to advance development goals across eight member countries
The Islamic Development Bank (IsDB) has approved over $1.4 billion in funding to support Sustainable Development Goals (SDGs) in eight member countries.
The approved projects cover sectors such as food security, health, education, transportation, sanitation, and urban development. (Middle East Economy)
Regulatory
Kyrgyzstan / Tajikistan
OIC welcomes border demarcation agreement between Kyrgyzstan, Tajikistan
The OIC General Secretariat welcomed the signing of the border demarcation agreement between Kyrgyzstan and Tajikistan.
The OIC Secretary-General congratulated the two countries on the achievement, which resolves decades-long disputes, restores understanding and harmony, strengthens mutual trust, and boosts cooperation and good neighborly relations between the two countries and their peoples. (The Nation)
Syria
OIC announces reinstatement of Syria's membership
The Council of Foreign Ministers of the Organisation of Islamic Cooperation (OIC) has decided to reinstate the membership of the Syrian Arab Republic in the OIC.
The council has assigned the OIC Secretary-General to take the necessary steps to implement this decision and to submit a report at the next session of the Council of Foreign Ministers. (Emirates News Agency)
