(Sukuk.net - Jordan Times) Minister of Planning and International Cooperation Suhair Al-Ali on Tuesday called on the Islamic Development Bank (IDB) to increase its financial and technical support to the Kingdom, boost joint economic cooperation, and promote investment and trade between member states.

IDB member states should work collectively to address the challenges and repercussions of global economic crisis, she added, pointing out to IDB role in promoting cooperation and supporting member states' development efforts in general and Jordan in particular.

"Since 1975, the IDB, supported the development process in the Kingdom by providing assistance in the form of grants and soft loans amounting to approximately $1.6 billion," the minister noted during the opening session of the annual meeting of IDB board of governors, which was held in Turkmenistan.

Al-Ali, who is also Jordan's representative to the IDB, said rich countries, institutions and international donor community should take their responsibilities towards the developing and poor countries to overcome the effects of the global downturn.

Meanwhile, she highlighted the importance of financial support to poor and young people to increase productivity through their income-generating projects.

The minister underscored the role of the Islamic Solidarity Fund for Development in supporting member countries to overcome poverty and unemployment challenges through direct support to the sectors of social and human development, infrastructure, capacity-building and rural and agricultural development.

"We suggest that the IDB would further support and invest in the development and scientific research fields by carrying out projects which achieve local development in our countries," Al-Ali said, calling on the bank to allocate more funds for supporting alternative energy projects mainly in the countries that depend on traditional energy sources.

Private sectors in member states should enhance joint partnerships and benefit from the financial services provided by the International Islamic Trade Finance and the Islamic Corporation for the Development of the private sector, which promote private sector investment in member countries through direct financing of projects in technology, telecommunications, power, water and sanitation, healthcare, pharmaceutical and industrial sectors, she added.

Crediting IDB development contributions to various sectors such as alternative energy and water, the minister also suggested the bank should study the possibility of allocating funds to invest in human resources by utilising youth capabilities, pointing out that 50 per cent of Arab world population are aged under 25 years.

On the sidelines of the event, Al-Ali held several bilateral meetings with officials from Arab financial funds and discussed various aspects of cooperation, stressing the government's keenness to strengthen relations with these funds in various areas.

Last month, the government signed a $10 million-loan agreement with IDB to support the financial and institutional capabilities of the Development and Employment Fund and build the capabilities of small microfinance institutions operating in the Islamic lending sector.

The Kingdom and the IDB also signed a 300,000 grant agreement to finance a project supporting small farmers in Mudawara area, which will be implemented by the Jordan River Foundation.

By Hani Hazaimeh
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