Guyana has become the 57th member and the 2nd CARICOM member of the Islamic Development Bank (IDB).
According to a release from GINA, this information was transmitted via official correspondence to the Government of Guyana dated March 22, 2016.
According to the release, membership of the Bank will afford Guyana an alternative source of financing to highly concessional resources including grants and interest-free loans. The areas of intervention of the IDB include human development, rural development and food safety, infrastructural development, trade among member countries and private sector development, research and development in Islamic economies and banking and finance.
The IDB was established in 1973 with the purpose of fostering economic development and social progress in member countries and Muslim communities. It officially opened its doors for business on October 20, 1975 with headquarters in Saudi Arabia.
