Guyana

Islamic Development Bank may help fund #Guyana’s #housing drive

A visiting team from the Islamic Development Bank (IsDB) met Guyana's officials from the Ministry of Communities and the Central Housing and Planning Authority (CHPA) on Friday. Minister of Communities, Ronald Bulkan said the government recognises housing as a major public policy issue. He disclosed that the initial focus is the construction of 5,000 apartment units as part of medium terms plans to deliver 10,000 units to eligible Guyanese. He expressed optimism that components of the housing program will be included in Guyana’s eventual submission to the IsDB. IsDB's Director of Country Programs Department, Mohammad Alsaati, said that the bank was seeking for specific projects that can be undertaken in the near future and will work with the local stakeholders to develop worthwhile business opportunities.

#Guyana officially joins Islamic Development Bank

Guyana officially became the 57th member of the Islamic Development Bank (IDB) during the opening ceremony of the bank’s annual meeting in Jakarta. According to the finance ministry press release, this membership allows Guyana access to concessionary resources, grants and interest free loans. Finance minister of Guyana, Winston Jordan, is making his debut appearance in Jakarta personally to witness Guyana’s initiation into the group. Suriname, which is also a member of the Islamic Bank, is represented by its Finance Minister Gilmore Hoefdraad and Deputy Governor, Dr Anwar Lall Mohamed. The private sector is expanding economic ties between Indonesia and Suriname and, with the support of the Islamic Bank, rhetoric is becoming reality.

Guyana to join Islamic Bank by mid-year

Guyana, which joined the Organisation of Islamic Cooperation (OIC) in 1998, but not the Islamic Development Bank (IsDB), an organ of that group, will finally join the bank by mid-year according to Finance Minister Winston Jordan. Since Guyana is now a low-middle-income country, it cannot easily access concessionary loans from traditional lenders, and this is one reason why Guyana will join 56 other countries that are members of the IsDB. The IsDB now wants to market its product in the Caribbean and, with Guyana now poised to join, the bank will open an office in a Caribbean Community (CARICOM) country.

Guyana possibly joining Islamic Development Bank

Guyana is currently exploring the option of fostering closer cooperation with the Islamic Development Bank, including giving active consideration to the possibility of joining that Bank. Minister of Finance, Dr. Ashni Singh recently met with the leadership of the Bank. Guyana is already a member of the Organisation of Islamic Cooperation and is home to a large and vibrant Muslim population.

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