OIC wrap: IsDB leads group of banks to expand lending capacity
Here's a roundup of key developments across the OIC network during the month of April
Editor's note: It's Islamic Development Bank's 50th anniversary this month, so it is only right to kickstart this wrap with lender-relevant news. The group leads a consortium of development banks in broadening lending capacity over the next decade to address global challenges. It has also agreed to finance water projects in Kazakhstan.
Meanwhile, Saudi Arabia's ACWA Power inks deal to drive renewable energy production in Azerbaijan.
Trade Developments
Organization of Islamic Cooperation
Arab League, OIC Islamic Broadcasting Union sign protocol
The Arab League announced plans to sign a media cooperation protocol between its secretariat’s media and communication sector and the OIC Islamic Broadcasting Union.
This initiative aims to strengthen ties between the General Secretariat of the League of Arab States and the Organization of Islamic Cooperation (OIC) Radio and Television Union.
It underscores the commitment of the General Secretariat to enhance relations with regional and international organizations. (Arab News)
Oman / Uzbekistan
Oman, Uzbekistan sign agreement to strengthen cooperation
Oman's foreign minister met with his Uzbek counterpart in Tashkent to bolster ties between the two nations.
The discussions centered on enhancing cooperation in trade, investment, education, and culture. An agreement was signed to fortify future collaboration strategies.
Both ministers explored avenues to boost trade, focusing on energy, transportation, agriculture, and industry, while also encouraging business ventures between Omani and Uzbek companies. (Zawya)
UAE / ASEAN
UAE, ASEAN discuss economic cooperation and halal industries
UAE Minister of Economy, Abdulla bin Touq, engaged in talks with ASEAN Secretary-General Kao Kim Hourn in Riyadh, covering various economic aspects. The dialogue encompassed bilateral trade and investment, finance, and the halal industry.
Both parties explored avenues to bolster economic collaboration, particularly emphasizing small and medium enterprises, halal industries, and finance, highlighting potential areas for mutual growth. (The Print)
Investment
Pakistan
IsDB celebrates finalizing Pakistan’s Mohmand Dam Hydropower project
The completion of the Mohmand Dam Hydropower Project in Pakistan was celebrated at the Islamic Development Bank's headquarters in Jeddah. This project underscores the bank's dedication to member countries and its vision for sustainability.
With an estimated annual generation of 2,862 gigawatts of renewable energy, the dam reduces reliance on fossil fuels while supporting agricultural development over 6,773 hectares, bolstering food security and livelihoods for farmers. (Zawya)
Saudi Arabia
Islamic Development Bank leads group of banks to widen lending target
A coalition of financial institutions, spearheaded by the Islamic Development Bank, plans to boost its lending capacity by $300-$400 billion over the next decade to address global disparities.
The initiative follows a meeting of presidents from ten multilateral development banks in Washington, D.C., aimed at enhancing their collective impact on development challenges and coordinating efforts for 2024 and beyond. (Arab News)
Kazakhstan
Islamic Development Bank to finance water projects in Kazakhstan
The Islamic Development Bank (IsDB) has agreed to extend grants and financing for water projects in Kazakhstan, following discussions between Kazakh deputy prime minister Nurlan Baibazarov and IsDB group chair Muhammad Al Jasser in Saudi Arabia on April 29.
The funding will support initiatives including the construction and renovation of reservoirs, hydraulic structures, and irrigation systems, alongside investments in digitalization and water-saving technologies. (The Astana Times)
Türkiye
Islamic Development bank approves $418m fund for new development projects
The Islamic Development Bank (IsDB) has allocated a $418 million fund for new development endeavors spanning Tajikistan, Benin, Ivory Coast, and Türkiye, as revealed in a statement during its annual meeting and golden jubilee in Riyadh.
The bank's board, convening for its 355th meeting, greenlit these projects, emphasizing socio-economic development and sustainability. (Daily Sabah)
ESG Developments
Azerbaijan / Saudi Arabia
ACWA Power inks deal to drive renewable energy development in Azerbaijan
Saudi energy major ACWA Power is forging ahead with renewable energy projects in Azerbaijan through a new agreement with its state oil company SOCAR.
This collaboration centers on evaluating the 'Low-Carbon/Green Fertilizer' project.
It aims to produce green hydrogen to aid in the decarbonization of SOCAR's downstream assets, advancing sustainable energy development in the region. (Arab News)
