Islamic Development Bank agrees to reactivate Syria’s membership

Economy

The Board of Executive Directors of the Islamic Development Bank (IsDB) has approved the reactivation of the Syrian Arab Republic’s membership in the Bank Group.

Jordanian TV channel Al Mamlaka reported on Monday that this step came during the Board’s meeting held yesterday, Sunday, based on a request from the Syrian government submitted by Foreign Minister Asaad Al-Shaibani to the President of the Islamic Development Bank Group, Mohammed Al-Jasser, on the 13th of this month.
The decision follows Syria’s restoration of its membership in the Organization of Islamic Cooperation (OIC) on March 8th, after a 13-year hiatus.
The reactivation of Syria’s membership in the IsDB Group is a crucial step that will enable the group to extend a helping hand to Syria, support recovery and reconstruction efforts, and contribute effectively to promoting social and economic development there.
Syria joined the Islamic Development Bank in September 1975.
The total interventions of the Bank Group in Syria by the end of last December amounted to approximately $632 million, including project financing worth $415.5 million from the Islamic Development Bank, private sector support worth approximately $68.5 million, financing worth $111.1 million from other funds affiliated with the Bank Group, in addition to trade financing operations worth $37 million.
The value of insurance operations provided by the Islamic Corporation for the Insurance of Investment and Export Credit amounted to $277.5 million, according to figures reported by Al-Mamlaka.

 

Raghda Sawas

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