OIC Economies

OIC wrap: Uzbekistan signs multiple agreements with ITFC

Here's a roundup of key developments across the OIC network during the month of March


Editor's note: Trade appears to be the Middle East's flavour of the month, with Egypt looking to boost trade alliances with GCC states of Saudi Arabia and Qatar. Bahrain has inked agreements with Saudi on the future of transportation. 


In Central Asia, Uzbekistan is also gearing up with agreements worth $715m inked with the International Islamic Trade Finance Corporation.



Trade Developments

Saudi Arabia / Egypt

Saudi Arabia's commitment to boosting trade ties with Egypt

During the 18th session of the Saudi-Egyptian Joint Committee, Minister of Commerce Dr. Majid Al-Qasabi emphasized Saudi Arabia's commitment to strengthening trade ties with Egypt.


The session aimed to bolster economic relations between the two nations. (Zawya)



Qatar, Egypt joint supreme committee discusses cooperation in trade

The 5th session of the joint supreme committee between Qatar and Egypt convened in Doha, with Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani leading Qatar's delegation and Minister of Foreign Affairs Sameh Shoukry leading Egypt's.


Discussions centered on enhancing cooperation and development in areas such as trade, investment, diplomacy, social affairs, education, and youth.  (The Peninsula)



IsDB, Malaysia hold talks on deeper development ties

A delegation from the Islamic Development Bank (IsDB) Group met with Malaysian senior officials and stakeholders at an 'Open Day' for the 'Strategic Realignment Exercise' of the IsDB Center of Excellence in Kuala Lumpur.


The delegation was received by Seri Amir Hamzah Azizan, Minister of Finance II, and Johan Mahmood Merican, Secretary General of Treasury. (IsDB)


UAE / Kyrgyzstan

UAE and Kyrgyzstan launch second cohort of government accelerators

The UAE and Kyrgyzstan launched the second cohort of government accelerators during a recent visit by a delegation from the Knowledge Exchange Office of the Ministry of Cabinet Affairs to Bishkek.


The delegation aimed to enhance cooperation and partnership in government modernization and development.  (Zawya)




Tashkent hosts signing of agreements with International Islamic Trade Finance Corporation

During the Arab Coordination Group meeting in Tashkent, agreements worth $715 million were signed between the ministries of Uzbekistan and the International Islamic Trade Finance Corporation (ITFC).


The ITFC delegation is in Tashkent for discussions with Uzbek ministries, international organizations, and local banks. (Daryo)


Nigeria / Malaysia

Islamic Development Bank approves $225m to finance new projects in energy, infrastructure

The Islamic Development Bank (IsDB) approved approximately $225 million to finance new development projects in member countries.


Nigeria secured a $125 million financing package for the Abia State Integrated Infrastructure Development Project.



The Board has approved the US$100 million Pengerang Energy Complex Project (PEC) in Malaysia, as part of the Bank’s Public Private Partnership program. (IsDB)



IsDB, Pakistan sign financing agreements for reconstruction project

The Government of Pakistan and the Islamic Development Bank (IsDB) signed financing agreements for the Sindh Flood Emergency Housing Reconstruction Project.


Valued at €188.7 million, the project aims to rebuild communities in the Sindh province, which was severely affected by the 2022 floods and to provide climate-resilient housing. (IsDB)



Bangladesh’s energy sector receives $1.4bn funding boost from ITFC

The International Islamic Trade Finance Corporation (ITFC) has pledged $1.4 billion to Bangladesh's energy infrastructure, aiming to enhance the nation's energy resilience.


In a strategic agreement with Bangladesh Petroleum Corp., ITFC aims to bolster the country's energy sector.  (Arab News)



ESG Developments

Saudi Arabia

Saudi Arabia unveils new framework in sustainability push

Saudi Arabia's Ministry of Finance has unveiled the Green Finance Framework, signaling a commitment to sustainability and net-zero emissions by 2060.


The initiative aims to boost public and private participation in climate financing, positioning the kingdom as a regional leader in sustainable finance.


Aligned with the Paris Agreement, the framework targets a substantial reduction in greenhouse gas emissions by 2030, fostering a circular carbon economy approach.  (Arab News)



Operational Developments

Saudi Arabia / Bahrain

Saudi Arabia, Bahrain sign MoUs on future of transportation, road safety

Saudi Arabia and Bahrain have inked two memoranda of understanding focusing on transportation and road maintenance and safety.


The agreements aim to bolster cooperation in logistics services.  (Asharq Al-Aswat)


Intra-OIC trade
Social impact projects
Trade agreements
OIC trade
Bilateral ties