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Comoros and IDB strengthen partnership

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Comoros and IDB strengthen partnership

The Islamic Development Bank (IDB) and the Comoros are enhancing their cooperation across various sectors, including trade, health, and the private sector.

IDB’s Commitment to Economic Development

Dr. Muhammad Al Jasser, President and Group Chief Executive Officer of IDB, affirmed the bank’s commitment to collaborate with Comoros in strategic development areas, such as capacity building and socio-economic development. The IDB is poised to provide advisory support to bolster the Islamic financial services sector and advance the health sector.

During a meeting held on October 10, 2023, on the sidelines of the 2023 World Bank and IMF Annual Meetings in Marrakech, Morocco, Dr. Al Jasser announced these initiatives. The meeting included discussions with Mze Abdou Mohamed Chanfiou, Minister of Finance, Budget and Banking, and IDB Governor for Comoros.

Partnership Progress and Future Engagement

The two parties exchanged views on the progress of IDB-financed projects in Comoros. Emphasis was placed on the need for enhanced collaboration with other IDB Group entities in the country, namely:

  • International Islamic Trade Finance Cooperation (ITFC)
  • Islamic Private Sector Development Institute (ICD)
  • Islamic Insurance Company
  • Islamic Investment and Export Credit Corporation (ICIEC)
  • The Islamic Solidarity Fund for Development (ISFD), with a primary mandate to manage poverty reduction, particularly in the IDB Group’s Least Developed Countries (LDCs).

Dr. Al Jasser expressed gratitude to Mr. Mze for the existing level of cooperation with Comoros. The IDB Group has approved 659.8 million USD to finance Comoros’ development to date.

Climate Action and Financial Mobilization

Given the challenges of extreme heat, reduced rainfall, and rising temperatures in the Indian Ocean region, the IDB is actively contributing to climate action. Dr. Daouda Ndiaye, Head of the Climate Change and Environment Department, and Dr. Bradley Hiller, Senior Climate Change Specialist, represented the IDB at the launch event, focusing on mobilizing the Islamic banking sector for climate action in Comoros.

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