On 1-4 September, Tashkent hosted the 46th Annual Meetings of the IsDB Board of Governors, which welcomed over 4,000 delegates.

The funding commitments, which comprise around 30 MOUs and agreements signed between IsDB Group entities and counterpart institutions in member countries in Africa and Asia, were signed during the Group’s 2021 Annual Meetings.

IsDB announced the launch of the Economic Empowerment Fund for Uzbekistan, established in cooperation with the Uzbek government and private sector investors from the Kingdom of Saudi Arabia. 

President Shavkat Mirziyoyev hailed the launch of the new fund as a vote of confidence in Uzbekistan’s development and the continued implementation of economic reforms.

The US$ 100 million fund, of which US$ 20 million has been committed by IsDB, aims to create 100,000 jobs by supporting micro, small, and medium-sized enterprises (MSMEs).

Other commitments to Uzbekistan included a major US$ 200 million investment to support economic development in rural regions in the country. IsDB also signed an agreement to finance the second phase of a project devoted to expanding access to oncology services in Uzbekistan by equipping treatment centers and expanding medical training.

The IsDB will provide Uzbekistan US$ 265 thousand to develop a regulatory framework for the development of Islamic banking and finance in the country. In addition, agreements were signed with the International Islamic Academy of Uzbekistan for US$ 51,535 to create a smart class for Islamic development.

IsDB signed several agreements focusing on economic development. The Bank will also fund two major projects in Benin, with a combined value of US$ 150 million. The first project will support community health and nutrition in support of Benin’s goal of providing universal health coverage by 2025. The second project will support upgrades to the storm draining system of the capital city of Cotonou, to reduce the risks of flooding.

The Union of Comoros will receive EUR 330 million (US$ 392 million) over the next 3 years to support food and energy security. Burkina Faso will receive EUR 85 million (US$ 100 million) to support the purchase of refined petroleum products for the country’s energy sector. ITFC also signed similar agreements with Guinea and Maldives, committing US$ 100 million and US$ 75 million respectively, to support the import of fuel and food commodities.

An important outcome was the launch of a new Resilience Index to help policymakers create mechanisms that support economic resilience.

The 46th Annual Meetings of the IsDB Board of Governors has become a platform for signing important projects, establishing business contacts and enhancing cooperation.

Gulrukh Abdullayeva, UzA