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.
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