Results of the 46th Annual Meeting of the Board of Directors of the Islamic Development Bank

On September 4, the results of the 46th Annual Meeting of the Board of Directors of the Islamic Development Bank (IsDB) were announced during a press conference in Tashkent. The representatives from both sides included the President of the IsDB Muhammad Suleiman al-Jassir and the Deputy Prime Minister – Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov.

The event became a platform for discussing the experience of the member countries in ensuring the protection of the population during quarantine restrictions, implementing anti-crisis measures to overcome the economic consequences of the pandemic and building new schemes and mechanisms for international cooperation in the face of a downturn in the global economy.

During the meeting, the major agenda of the event program was discussed and a number of panel sessions and discussions were held. in addition, measures were considered to increase resilience to the consequences of COVID-19, issues of international cooperation, mechanisms for restarting and recovering the economy, attracting investment and enhancing trade in the post-period, digitalization of business, the introduction of innovations in various spheres of the economy, instruments of social support and employment and other topical issues.

The meeting also became an effective platform for establishing and discussing the prospects for deepening cooperation between the delegations of the IsDB member countries. A number of bilateral negotiations were held, during which specific agreements and results were reached.

Following the results of the Annual Meeting, a number of important agreements were signed. The government of Uzbekistan, Saudi Arabia and the IsDB signed a Memorandum of Cooperation on the creation of a Fund for Expanding Economic Opportunities of Uzbekistan with an initial capital of $ 100 million.

The International Islamic Trade and Finance Corporation (ITFC) and Trustbank signed an agreement to open a trade finance line for $ 15 million. An agreement was also signed with “Turonbank” to provide technical assistance in the implementation of reporting in accordance with international financial reporting standards (IFRS).

At the end of the press conference, a Loan Agreement was signed to modernize the rural infrastructure of the Republic of Karakalpakstan, Khorezm, Bukhara and Navoi regions under the Obod Kishlok program for a total of $ 200 million aimed at improving the quality of life of the population of these territories.

Also, a Loan Agreement was signed to equip the institutions of the oncological service of Uzbekistan with modern high-tech equipment for a total of $ 80 million, which will significantly increase the efficiency of diagnosis of diseases, thereby increasing the chances of a successful recovery of patients.

Along with this, a grant agreement was signed on the development of a regulatory framework for Islamic banking and finance in the Republic of Uzbekistan, which will make it possible to introduce Islamic financing mechanisms in our country.

In addition, the International Islamic Academy and the IsDB signed an Agreement on technical assistance to create a “smart” class for Islamic development on the basis of the Academy.

The total amount of the signed agreements amounted to more than $ 280 million.

Following the results of the Annual Meeting, decisions were also made to approve the budget for 2022, the financial report for the last year and other documents of an organizational and technical nature.