Saudi Development and Reconstruction Program for Yemen team receives warm welcome

Source: PRNewsFoto/SDRPY. One of the meetings held by the SDPRY delegation with Yemeni officials.

HE the PM of Yemen, Dr Maeen Abdulmalik Saeed, has welcomed the Saudi Development and Reconstruction Program for Yemen (SDRPY) delegation headed by Projects and Studies Director Engineer Hasan M. Alattas at the temporary Yemeni capital, Aden.

Participants discussed ways to implement development projects in line with the Riyadh Agreement economic development track. The parties also exchanged updates of ongoing SDRPY projects, including the King Salman Medical and Educational City and Marib Airport.

PM Maeen Saeed said that this visit would have significant implications for every Yemeni, noting that KSA has been a partner to Yemen in peace and in times of distress, gave Yemenis hope for stability, and supported peace in all parts of Yemen.

"Two years ago, the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and HE President Abdrabbuh Mansour Hadi held their first discussion on strengthening Yemen's economy with a US$2 billion deposit, a grant of oil derivatives, and other reconstruction and development initiatives," said HE Maeen Saeed. He indicated that the Saudi deposit had played a major role in financial stabilisation and support for the exchange rate of the Yemeni rial to the US dollar in a country that had witnessed war for five years.

"The deposit also helped the Central Bank of Yemen and opened financial letters of credit for commodities that have reached every home in Yemen, and many remain unaware of this," he said.

The programme's projects are strengthening Yemeni infrastructure. SDRPY is the first development organisation working to improve services and rehabilitate roads in the Yemeni province of Al-Jawf, for example. Aden General Hospital is being rehabilitated and funded by the Saudi Fund for Development under SDRPY supervision, while another SDRPY project prints textbooks which have already been distributed in several provinces.

Jordan receives aid package from KSA, Kuwait, UAE

KSA, Kuwait and the UAE will provide economic aid worth US$2.5 billion to Jordan, the Saudi Press Agency has reported. The decision was made after a meeting in Makkah, KSA to discuss the economic crisis in Jordan attended by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of KSA, King Abdullah II bin Al-Hussein of Jordan, Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah of Kuwait and VP and PM Sheikh Mohammed bin Rashid Al Makhtoum of the UAE, who is also Ruler of Dubai.

Based on the bonds among the four countries as well as the Arab and Islamic values and principles, the three countries will:

- Make a deposit at the Jordanian Central Bank.

- Provide guarantees for the World Bank in the interest of Jordan.

- Support the Jordanian government’s budget annually over the coming five years.

- Finance developmental projects.

INCEIF signs MoU with IFR on Islamic social finance

The International Centre for Education in Islamic Finance (INCEIF) has signed a memorandum of understanding (MoU) with the International Federation of Red Cross and Red Crescent Societies (IFRC) to leverage Islamic social finance opportunities and develop strategies and fundraising tools in support of Red Cross and Red Crescent humanitarian aid programmes.

The MoU was signed at INCEIF’s Kuala Lumpur campus by INCEIF President and CEO Daud Vicary Abdullah, and IFRC’s Under Secretary General for Partnerships, Tan Sri Dr Jemilah Mahmood.

The partnership aims to explore and expand ways through which Islamic social finance can be used as a tool to raise operational finances for national Red Cross and Red Crescent societies to respond to disasters and other crises, reduce vulnerabilities, support healthy and safe living and foster a culture of peace in at-risk communities.

As part of the agreement, INCEIF will undertake research in innovative financial instruments that could assist Red Cross and Red Crescent humanitarian and development initiatives, including the design and development of sukuk social impact bonds, waqf and zakat endowment funds and other mechanisms that make use of obligatory and voluntary faith-based donations. Pilot projects will launch soon in selected countries in Africa, the Middle East and Asia, including Malaysia.

INCEIF will also provide guidance on ways to tap Islamic social finance, connect its alumni network in 80 countries with national Red Cross and Red Crescent societies and advocate for the direct funding of programmes that alleviate suffering, build resilience and promote human dignity. In addition, the MoU includes the development of an IFRC internship programme for INCEIF students.

Dr Jemilah says Islamic social financing has the potential to help address significant financial challenges in meeting the needs of millions of people caught in crises and poverty.

“We are keen to explore innovative ways the Islamic finance sector can work with Red Cross and Red Crescent societies and demonstrate solidarity and principled action to save lives and promote dignity,” Dr Jemilah stated. “We will be eager to see Islamic social finance contribute to strengthening communities and realising the IFRC`s commitment of leaving no one behind.”

“At INCEIF, we realise that it is a winning strategy to promote the development of Islamic finance by establishing effective collaborative partnerships around the globe,” said Daud. “INCEIF is proud to add IFRC to our list of partners, which includes the World Bank, the Islamic Development Bank and the Islamic Financial Services Board. It is an honour for INCEIF to share our expertise and knowledge in Islamic finance to better society through the duty of care, which is the true spirit of Islam.”

Annual Sirage CSR and humanitarian initiative launched in Dubai

Source: DED website.

Under the patronage of HH Sheikh Mansoor Bin Mohammed Bin Rashid Al Maktoum, Chairman of the Dubai International Marine Club, the Department of Economic Development (DED) in Dubai and its agencies have launched an annual corporate social responsibility (CSR) and humanitarian initiative called Sirage. The first cycle will support the Reading Nation campaign of HH Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, aimed to provide 5 million books to children in need worldwide.

Source: DED. Al Afridi.

The initiative will also feature the Sirage Exhibition - a charity bazaar showcasing varied products from members of Dubai SME, the DED agency mandated to develop the small and medium enterprise (SME) sector, and Dubai Exports, the export promotion agency of DED – as well as a Sirage Evening organised with the support of entrepreneurs, businesses and investors to raise funds for the Reading Nation campaign.

Mariam Al Afridi, Director of Government Communications in DED, stated that the Sirage initiative is a public-private partnership that aims to strengthen corporate social responsibility and humanitarian causes as well as in translating the aspirations of the UAE leadership into action.

"It's intended to be an annual event and in the next cycles, Sirage will remain in solidarity with the initiatives launched by our wise leadership," said Al Afridi.

"The DED seeks to serve the community and achieve the social responsibility targets of the UAE government in collaboration with various government and private agencies. We also support charitable initiatives as such concerted efforts are essential to consolidating the principles of humanity and to achieving greater impact in community development initiatives in the UAE and beyond."

Abdelrahman Al Hosani, Director - Exporter Services in Dubai Exports, added: "We aim to raise awareness on social responsibility among our members and hence we have invited them to be part of the Sirage initiative. We have set aside a number of stalls for our members to participate in the exhibition and we believe the programme would help activate our partnership with manufacturers and exporters in the country in the field of humanitarian work."

Dalal Al Balooshi, Senior Manager - Entrepreneurs Commercial Promotion in Dubai SME, said no less than 40 member entrepreneurs from Dubai SME will participate in the Sirage initiative. "We are pleased to be part of this initiative as our role is not limited to enhancing the economic performance of our members, but also extends to strengthening the role of SMEs in the society as well as inspiring them to do good by being part of the humanitarian programmes taking place during this holy month of Ramadhan," added Al Balooshi.

The Sirage Evening will feature a suhoor gathering to raise donations towards Reading Nation and honour sponsors and contributors to the initiative as well as announce the best social entrepreneur. The evening will be attended by the members of Dubai SME, Dubai Exports and Dubai Investment Development Agency (Dubai FDI), the investment development agency of DED.

Interested?

The Sirage Exhibition will be held in the Dubai Festival City Mall (main hall) from 16 to 21 June 2016 between 9pm and 12am.

Hashtag: #Sirage_Dubai

posted from Bloggeroid

IDB is committed to improving Iraqi lives

The Islamic Development Bank (IDB) Group has announced it will work with Iraq’s government to develop tangible plans to advance the country. “IDB wants to see the country’s economic growth back on track, decreasing its dependence on oil, focusing on agriculture and industry, and tackling unemployment,” said Dr Ahmad Mohamed Ali, IDB President.

Dr Ali said the IDB, the World Bank and the United Nations have agreed to work together to boost Iraq’s capabilities. “Iraq needs support, using tools of modern development management, to achieve sustainable economic growth,” he said. “We will provide targeted expertise to help the country rebuild a resourceful economy in harmony with the global Sustainable Developments Goals.” This will also help bridge cooperation with neighbouring countries, he added.

Dr. Ali affirmed IDB’s commitment to help Iraq build strong partnerships with member countries based on investment and the full use of Islamic finance. He noted that IDB, in collaboration with the Arab Coordination Group, the United Nations, the World Bank, the Japan International Cooperation Agency, and the British Ministry for International Development, are working to increase their development assistance to Iraqi citizens. The assistance includes funding for basic services such as water and sanitation, power generation, education and health.

To date, IDB has funded Iraq’s development with US$551 million, covering infrastructure, basic services and trade finance. Dr Ali and the Governor of the Central Bank of Iraq, Ali Mohsen Ismail, who is also IDB Governor for Iraq, also signed a US$300,000 grant agreement for launching mobile clinics to provide primary healthcare services in the country’s rural areas.

IFC and Citi provide US$1.2 billion to support trade in emerging markets

IFC, a member of the World Bank Group, and Citi have agreed to develop a US$1.2 billion risk-sharing facility to help stimulate the growth of trade in emerging markets and to support economic development. IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, IFC works to help eliminate extreme poverty and boost shared prosperity.

The signing marks the extension of two existing facilities under the IFC Global Trade Liquidity Program. Citi was IFC’s first partner bank under the Global Trade Liquidity Program, a coordinated global initiative which was launched in 2009. Since its inception, these collaborative efforts have financed a total trade volume of US$20 billion, with around US$4.2 billion in International Development Association countries - which include Bangladesh and Indonesia - and US$7.1 billion in low income and lower middle-income countries. This long-standing partnership has facilitated financing for 3,368 trade transaction through 163 Emerging Market Issuing Banks in 40 countries, of which 23 are low and lower middle-income countries.

“Citi’s partnership with the IFC has been a tremendous success, helping to stimulate the recovery and growth of global trade in emerging markets," said Anurag Chaudhary, Global Head of Distribution for Citi’s Treasury and Trade Solutions. "Citi has been a trusted partner to banks, corporations and the public sector across the emerging markets for many decades, and through our collaboration with IFC – as well as other development and export credit agency partners around the globe – we are firmly committed to restoring the flow of trade and commerce financing around the world; and to helping emerging market economies play a more significant role within global trade."

The IFC Global Trade Liquidity Program works in partnership with global and regional banks with the goal of expanding the availability of trade credit at a time of global scarcity in trade finance. IFC announced an extension of the programme in 2012 to continue promoting international trade growth in emerging markets, including many of the world’s lowest income countries. The facility extension will expand the availability of trade credit for clients in emerging markets over a four-year span through a risk-sharing structure. IFC and partners will contribute US$600 million, and Citi will provide an additional US$600 million.

“As the availability of global trade finance continues to decline, IFC is committed to working with Citi to find innovative ways to help expand trade finance flows in the developing world – and the Global Trade Liquidity Program is one such successful effort,” said Marcos Brujis, IFC Director of Financial Institutions Group. “Citi has been one of IFC’s most dedicated partners in trade finance, and IFC looks forward to continuing this partnership to benefit SMEs and the emerging markets in which they operate.”

Citi will use the funding to originate and fund trade finance transactions in Africa, Asia, Central and Eastern Europe, Latin America, and the Middle East, enabling its bank clients to extend financing to local importers and exporters. The funding is expected to support emerging market trade flows of more than US$6 billion through 2019.

Islamic Development Bank Group and the World Bank to step up efforts in common member countries

The Islamic Development Bank (IDB) Group and the World Bank Group have announced a strategic partnership to significantly scale up joint work and investment across the 56 IDB Group member countries in Asia, Africa, Europe and South America that are also members of the World Bank.

The two leading development finance institutions expect co-financing work to reach US$9 billion over the next three years. Joint work will support infrastructure services, regional integration and cross-border trade facilitation, water and food security, education and employment, and Islamic finance.

The IDB Group and the World Bank Group also agreed to join forces to support private sector development and entrepreneurship in common member countries, as well as support to the growing number of fragile and conflict-affected countries.

This historic agreement comes on the heels of a joint initiative launched by the World Bank Group President, the United Nations Secretary General and the IDB Group President at an international gathering of donors held on 10 October 2015 in Lima, Peru, where a number of donor countries agreed to scale-up financial support to Arab countries going through transition and unrest.

The partnership agreement was signed by IDB Group President, Dr. Ahmad Mohamed Ali and World Bank Group President, Jim Yong Kim. "Our new partnership is a natural evolution in our long-standing relationship with the World Bank Group and is most timely given the growing challenges facing our member countries", said Dr. Ali.

The partnership agreement stems from a shared commitment by both institutions to reducing poverty, boosting shared prosperity, fostering economic development, and promoting social progress across their common membership and beyond, and to supporting the recently adopted United Nations 2030 Sustainable Development Goals.

"We have definitely set for ourselves an ambitious partnership agenda because business-as-usual is not really an option. I am highly confident that both institutions will work diligently to deliver on development promises building on each other's comparative advantages and strengths to unleashing the synergy that this strategic partnership can bring to our member countries," observed IDB Group President Dr Ahmad Mohamed Ali during the signing ceremony at the World Bank Group headquarters in Washington DC, US.

Past co-financing between the IDB Group and the World Bank Group totalled over US$7 billion and targeted 72 projects, primarily in the infrastructure sector, in 26 common member countries in Africa and Asia.

The IDB and the World Bank earlier announced their joint Education for Competitiveness (E4C) initiative. Comprised of learning, employment, and transformation as key pillars, E4C supports countries in a drive to improve their education and training policies with a view to enhancing economic growth, productivity, and social cohesion and inclusion.

“Under the E4C initiative, member countries will mobilise and pool global financial and human resources, sharing experiences and best practices to work together to build world-class education systems,” Dr Hafez Ghanem, Vice President for the Middle East and North Africa Region (MENA) explained.

The E4C initiative spans early childhood to university; emphasises cognitive, non-cognitive and technical skills; focuses on the development of the person holistically in order to not only meet specific short-term needs of the labour market, but also the greater economic and social development of the country.

Islamic Development Bank approves contributions to development projects in Bangladesh, Pakistan

The Board of Executive Directors of the Islamic Development Bank (IDB) at its 307th meeting on 5 October 2015 approved US$895 million to contribute towards new development projects in IDB member countries, including Bangladesh and Pakistan. The Board also approved seven grants and special assistance packages totalling US$1.13 million under the IDB Waqf Fund for educational and vocational projects for Muslim communities in non-member countries such as India and Fiji. 

The approvals come in the context of IDB’s continued efforts to contribute to economic development and social advancement of member countries as well as Muslim communities in non-member countries.

The project approvals included US$89.3 million for the urban water supply and sanitation in 23 pourashavas (secondary towns) in Bangladesh and US$50 million for Phase I of the FATA temporary displaced persons housing project in Pakistan.