Cooperation between Jordan and Islamic Development Bank
Bilateral Relations between Jordan and Islamic Development Bank (IDB)
The Islamic Development Bank is an international financial institution, established following the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries in Jeddah in December 1973. The Bank was formally inaugurated on 20 October 1975.
The Bank aims to encourage economic and social development of member countries in accordance with the principles of Shari'ah Law (Islamic law). For this purpose, the IDB provides various forms of assistance, such as soft loans (interest-free), leasing, installment sale, contribution in capital and profit, in addition to grants and technical assistance in different sectors.
The IDB awards the “Islamic Development Bank Prize for Science and Technology” to support social development, engineering sciences, informatics, and energy. The Bank also awards the “Islamic Development Bank Prize for Women”, in addition to the award of “Islamic Solidarity to Promote Trade between Member States of the Organization of Islamic Conference”.
Jordan and the Islamic Development Bank enjoy close and distinctive ties since 1976. As of April 2010, total assistance (soft loans and grants) from the IDB reached US$801,2million.
Ongoing Projects funded by the Islamic Development Bank
A. Projects funded through soft loans:
1. Microfinance Funding: improving the standard of living of the poor and unemployed segment of the society through micro-financing.
2. Supporting Electricity Transmission: meeting the growing demand of electric power by increasing the capacity of the electric system.
3. AL-Zarqa Hospital: constructing a new hospital in Zarqa with the objective of enhancing the capacity of healthcare services in Zarqa Governorate.
B. Projects funded through grants:
1. Capacity Building of Farmers at Medawar Area.
2. Capacity Building of the Local Community in Ajlun and Al-Balqa': capacity building of human resources and institutions in two of the development centers of The Jordanian Hashemite Fund For Development in Al-Balqa'a and Ajlun Governorates.
3. Microfinance Funding: improving the standard of living of the poor and unemployed segment of the society through micro financing.
Moreover, the IDB has financed the following activities in Jordan through the Technical Cooperation Office:
§ The Third International Conference for Intellectual Property Rights in Agriculture.
§ The Third International Conference for Genetically Modified Food.
§ Investment and Islamic Finance in the Middle East Forum.
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