Guyana joins Islamic Development Bank

Islam Bank LogoJAKARTA, Indonesia – Guyana officially became the 57th member of the Islamic Development Bank (IsDB) during at the opening ceremony of the bank’s annual governors meeting in Indonesia.

President of the IsDB, Ahmad Mohammed Ali said, “We congratulate Guyana for becoming the 57th member of the bank.”

By joining the bank, Ali said, Guyana will receive financing to develop various sectors, in particular in the area of infrastructure.

Guyana Finance Minister Winston Jordan is making his debut appearance in Jakarta personally to witness Guyana’s initiation into the group.

Jordan will also hold the title of governor to the Islamic Bank and a deputy governor must be appointed as well.

According to a finance ministry press release, this membership allows Guyana “access to concessionary resources, grants and interest-free loans.

“This will greatly assist in financing the government’s development agenda; redounding to the ‘good life’ for all citizens,” the statement continued.

“The areas of intervention of the IsDB include human development, rural development and food safety, infrastructural development, trade among member countries and private sector development, research and development in Islamic economies and banking and finance.”

Surinam is also a member of the bank.

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