A memorandum of understanding (MOU) between Guyana and the Islamic Development Bank (IsDB) will pave the way for a Country Engagement Framework for green, resilient and sustainable infrastructure to support economic diversification and doing business.
The deal was recently inked between IsDB President, Dr. Muhammad Al Jasser and Guyana’s Finance Minister, Dr. Ashni Singh, currently in Saudi Arabia for the Bank’s annual meeting.
According to a statement from the Ministry of Finance, the MoU is two-fold: it focuses on enhancing base infrastructure in energy, transport, water, sanitation, and affordable housing while the second pillar supports economic diversification through ICT integration in TVET, digital financial inclusion, agriculture, tourism, mining, Halal eco-system, Awqaf development, financial market deepening, MSME support via Islamic finance and trade financing.
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The annual meeting on May 10 commenced with the theme of “Partnerships to Fend off Crises”. Representatives from the group’s 57 member countries and international and regional organizations are participating in the discussions on development issues and institutional matters until May 13 at the King Abdullah Congress Center.
Guyana’s Minister of Finance, Dr. Ashni Singh, stated at the Islamic Development Bank (IsDB) Group’s Meetings in Egypt in June 2022 that the bank would continue to be a valuable partner for Guyana’s development.
Dr. Singh emphasized the need to diversify the productive sector, increase competitiveness, and invest in cleaner electricity for a competitive manufacturing sector, transport infrastructure, and food production. Despite being a new oil producer, Guyana places a high priority on its climate credentials, with a Low Carbon Development Strategy aimed at recognising and remunerating the role of standing forests in the global effort to fight climate change.
