Islamic Development Bank (IsDB)’s Post

The partnership between Guinea Bissau and the Islamic Development Bank (IsDB) is crucial, given IsDB's financial assistance exceeding USD 74 million. This funding is vital for addressing Guinea Bissau's developmental needs in infrastructure, agriculture, and transportation. Discussions between President Embaló and Dr. Al Jasser highlight a joint commitment to sustainable development, focusing on key sectors. This collaboration underscores the importance of international cooperation in driving socio-economic progress and global prosperity. #IsDB #Africa #Development

Today marks a momentous occasion for Somalia as it reaches the Completion Point of the Heavily Indebted Poor Countries (HIPC) Initiative. This achievement is a testament to years of persistent efforts and an unwavering commitment to reform, opening doors to a future characterized by reduced debt and enhanced prospects for economic growth. The HIPC Initiative, Launched in 1996, this initiative provides a crucial lifeline to struggling nations like Somalia by offering substantial debt relief. This enables them to redirect resources towards critical areas like poverty reduction, infrastructure development, and economic growth. Several African countries, including Benin, Burkina Faso, and Uganda, stand as testaments to the transformative power of this initiative. Reaching the HIPC Completion Point ushers in numerous benefits for Somalia: 𝐃𝐞𝐛𝐭 𝐑𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧: A substantial cut from $5.2 billion to under $600 million, unlocking resources crucial for investments in education, healthcare, infrastructure, and social programs. 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐌𝐚𝐠𝐧𝐞𝐭: A lighter debt burden fosters investor confidence, propelling economic growth and generating job opportunities. 𝐈𝐦𝐩𝐫𝐨𝐯𝐞𝐝 𝐂𝐫𝐞𝐝𝐢𝐭 𝐑𝐚𝐭𝐢𝐧𝐠: An enhanced credit rating for Somalia provides access to favorable borrowing terms, facilitating sustainable development initiatives. To ensure long-term success, Somalia must: 𝐌𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐅𝐢𝐬𝐜𝐚𝐥 𝐃𝐢𝐬𝐜𝐢𝐩𝐥𝐢𝐧𝐞: Prudent spending and efficient resource allocation are imperative for a healthy balance sheet. 𝐄𝐦𝐛𝐫𝐚𝐜𝐞 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐃𝐢𝐯𝐞𝐫𝐬𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧: Investments in agriculture, tourism, technology, and diverse sectors will fortify economic resilience. 𝐒𝐭𝐫𝐞𝐧𝐠𝐭𝐡𝐞𝐧 𝐏𝐮𝐛𝐥𝐢𝐜 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭: Robust financial management systems ensure responsible resource utilization. While concerns about potential debt traps with China persist, Somalia can mitigate risks by: 𝐄𝐧𝐬𝐮𝐫𝐢𝐧𝐠 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐭 𝐃𝐞𝐛𝐭 𝐍𝐞𝐠𝐨𝐭𝐢𝐚𝐭𝐢𝐨𝐧𝐬: All agreements with China should be transparent, fostering accountability. 𝐃𝐢𝐯𝐞𝐫𝐬𝐢𝐟𝐲𝐢𝐧𝐠 𝐃𝐞𝐛𝐭 𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨:  Minimizing reliance on China as a sole creditor by seeking investments from diverse sources contributes to a balanced and sustainable debt portfolio. 𝐏𝐫𝐢𝐨𝐫𝐢𝐭𝐢𝐳𝐢𝐧𝐠 𝐂𝐨𝐧𝐜𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐫𝐲 𝐋𝐨𝐚𝐧𝐬: Acquiring concessional loans from institutions like the World Bank and IMF will ease the burden of debt repayment. Somalia's attainment of the HIPC Completion Point lays a solid foundation for economic resilience and prosperity. Continued reforms and strategic financial management will be pivotal as Somalia embarks on its next phase of growth.

Global Priorities Misaligned: The Cost of War on Sustainable Development (#Gaza as an Example)! "The reason we're forced to select between two important things is because the world is wasting its money on other things. From 2022 to 2023, the military expenditure globally increased by 6.8%, and the total expenditure now is 2.43 trillion dollars annually. This doesn't show a lack of money; it shows that we want to fight each other. That's our priority. We don't want to save people, we don't want to keep people healthy, and we don't want people to live better and prosper. The world’s priority now is clear: war. And that has to stop. My recommendation is, instead of talking about how we have this small envelope of 500 billion and how we share it, why don't we stop doing the silly things we're doing? That's it. We would have a lot of money that could cover all the priorities. The most courageous choose Peace". Tedros Adhanom Ghebreyesus, Director General of World Health Organization (WHO) at Islamic Development Bank (IsDB) Golden Jubliee! "Speaking of investing in health and the health facilities and the health of the people, we cannot escape the facts on the ground in Gaza. For example, at least the #IsDB has invested and has worked with the money of the Gulf countries and development agencies to implement so many health projects in #Gaza over so many years, just to see them down the drain in a few weeks. Let alone the human suffering. This is not our subject at this stage; it's so painful. May Allah bring peace to that situation. But the point is, if we are talking technically about #MDBs, development institutions, and #SDG3, what do you say when we invest so many years in health facilities just to see them all go down the drain in a matter of no time? Let alone the suffering of two million people at this stage. May Allah bring peace". Dr. Rami Ahmad, Senior Advisor to the President at IsDB

Last year, Fact Foundation carried out a comprehensive closeout evaluation for the Regional Strategy for Stabilization, Recovery & Resilience (RS-SRR). This evaluation, commissioned by the Lake Chad Basin Commission (LCBC), covered the funding period from 2020 to 2023 provided by the African Development Bank (AfDB). It aimed to assess the achievements, challenges, and impacts of the RS-SRR, as well as support the transition plan. The evaluation process included extensive consultations with a wide array of stakeholders across the Lake Chad region, such as regional governments, military units, UN agencies, NGOs, and civil society organizations (CSOs). The evaluation covered all aspects of the RS-SRR including strengthening LCBC's institutional capacity to operationalize and implement the strategy, supporting regional dialogue, cross-border initiatives, and experience sharing. It also covered enhancing the regional CSO platform, facilitating engagement with the regional private sector, and Implementing economic interventions and empowerment programs for youth and women in Nigeria, Cameroun, Chad, and Niger. For more information on the achievements of the RS-SRR, please visit Community Connect - https://lnkd.in/dipaHf73

I was hosted by the Libyan British Business Council (LBBC) on the 14th of December in the presence of several members of the LBBC to talk about "Engaging with the private sector in Libya. I provided a realistic perspective on macroeconomics, current economic situation, challenges in realising political agreement, and views on best practices of engaging the Libya’s high-potential market. several key points were affirmed and discussed: - Libya is still considered to be the last regional frontier in rewarding opportunities. - There is an urgent need for economic reform, diversification, sustainability, transparency, and improved governance. - Issues in the oil sector, such as excessive flaring of natural gas, inefficient power consumption, and subsidies, hinder progress. - Political and institutional division pose obstacles to addressing economic challenges. - Businesses dealing with the public sector encounter unpredictable policies, project cancellations, and payment risks. - Successful private sector projects have been observed in various sectors such as ICT, healthcare, education, and capacity building, with untapped opportunities for consultancy and investment. - Urgent reforms in the banking and financial sector are key in allowing the private sector to grow and develop To access the complete broadcast, kindly follow the provided link below. https://lnkd.in/eqYSSSKM Sincere appreciation is extended to Peter Millett and the esteemed LBBC team for their gracious hosting.

New North African earthquake threatens the foundations of the African Regional Economic Communities system: Regional Economic Communities, or “RECs” are a peculiarity and a feature of the African economic integration model. Some of them were existing already before the establishment of the Organization for the African Unity (OAU), the predecessor of the African Union. The Treaty of Abuja (1991) at art. 2.a introduced the principle of the strengthening of existing RECs and of their creation in the various sub-regions where they did not exist, defining them as foundations (“building blocks”) of the future African Economic Community (article 88). The role of #RECs as building blocks of the African integration process is also reiterated in the last recital of the African Continental Free Trade Area (#AfCFTA) agreement and by art. 5, which defines them as building blocks of the AfCFTA. Now new dynamics in the African integration processes are emerging. After the exit of 3 States from ECOWAS, it's now the turn of AMU, with risks of a possible fracture. The building blocks of African integration processes are shaking. Read more here: https://lnkd.in/dNhQgUZ6

SIFC’s proactive measures are paving the way for a more robust and transparent landscape, propelling Pakistan towards prosperity. 🔗 sifc.gov.pk #SIFC #SIFCPakistan #InvestinPakistan

The preparation of the National Transformation Plan (NTP) began today by the Ministry of Planning, Investment, and Economic Development, led by Hon. Mohamud Beenebeene, in collaboration with the Office of the Prime Minister of Somalia. This transformation plan will guide the Federal Government of Somalia (FGS) toward long-term development, economic growth, and prosperity for all Somalis. The NTP will provide a strategic framework for key interventions and investments, establish a clear path for socio-economic transformation, promote collaboration among stakeholders to overcome development challenges, and prioritize resource allocation to foster inclusive growth and resilience. The NTP represents a significant step forward for Somalia, setting the stage for a brighter future. I am proud to see the Somali Integrated Statistics and Economic Planning Capacity Building Project (SISEPCBP) (https://lnkd.in/dvAqYCpK) supporting this crucial initiative. #Somalia #NationalTransformationPlan #Development #DataUtilization #Statistics

We Need to Rethink

The key to achieving the full potential of Nigeria's Blue Economy lies in maintaining a safe and secure maritime domain. Vice Adm. Emmanuel Ogalla, Chief of Naval Staff, emphasized that maritime security is critical to unlocking the immense opportunities within our waters. Challenges like piracy, illegal fishing, crude oil theft, and other maritime crimes threaten the growth and prosperity of our marine sector. But with collaboration, innovation, and the integration of modern technology, we can protect our maritime resources and promote sustainable economic activities. Why is this important? Nigeria's waters are rich with oil, gas, fisheries, and other resources a treasure trove for economic growth, job creation, and diversification. By protecting our waters, we’re opening the door to a future filled with opportunities, foreign exchange, and millions of jobs for Nigerians. The ongoing Maritime Security & Blue Economy Workshop in Lagos brings together experts and stakeholders to explore innovative solutions to these challenges and secure our maritime future. Let’s work together to secure our waters and unlock the endless possibilities of the Blue Economy for Nigeria's prosperity! #BlueEconomy #MaritimeSecurity #NigeriaNavy #EconomicGrowth #SustainableFuture