Source: Jordan Times
Original article available here.
AMMAN, JORDAN, May 06 – The Kingdom on Tuesday signed three financing agreements worth $10.7 million with the Islamic Development Bank (IDB) in the presence of Her Majesty Queen Rania.
The agreements follow the Queen’s visit to IDB headquarters in Jeddah last year, where she reviewed means to boost bilateral cooperation in development projects with IDB officials.
During the visit, Her Majesty spoke of several initiatives she launched in the fields of development, women and youth empowerment, and education, seeking the bank’s partnership in these projects.
The first $10 million soft loan will be used 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 $350,000 grant agreement, which will be used for training and extending technical support to microfinance institutions, in addition to a $300,000 grant agreement to finance a project supporting small farmers in Al Mudawara area that will be implemented by the Jordan River Foundation.
IDB President Ahmad Mohammad Ali and Minister of Planning and International Cooperation Suhair Al-Ali signed the agreements before the inauguration of the fifth meeting of the IDB’s Women’s Advisory Panel, which Al-Ali opened on behalf of Queen Rania.
At the signing ceremony, Al-Ali voiced appreciation for the IDB’s support to Jordan. Since 1974, the bank has provided the Kingdom with about $702 million in soft loans and grants, which were used for implementing projects in the fields of health, water, agriculture, housing, education and infrastructure.
Prior to the signing, Queen Rania met with the IDB president and discussed means to foster cooperation and future partnerships.
Also yesterday, the Queen met with members of the IDB Women’s Advisory Panel and was briefed on its role.
In her address at the meeting, Al-Ali emphasised the importance of the gathering in supporting efforts to empower women’s in IDB member states, describing it as an opportunity to look into required tools and means to ensure effective participation by women at the political, economic and social levels through the exchange of expertise.
The minister also highlighted the government’s support for efforts to empower women in the Kingdom.
Several projects financed by the IDB will be reviewed during the meeting.
The IDB, a multilateral development financing institution located in Jeddah, Saudi Arabia, tries to foster economic development and social progress of member countries and Muslim communities in nonmember countries in accordance with Sharia principles.
Currently, 56 countries are members of the IDB; the basic conditions for membership are that the country should be a member of the Organisation of the Islamic Conference, pay its contribution to the capital of the IDB and be willing to accept such terms and conditions as may be decided upon by its board of governors, according to the IDB website.
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