Guyana granted Islamic Development Bank membership
Guyana has received approval for membership in the Islamic Development Bank from the Board of Executive
Finance Minister Winston Jordan
Directors.
This has been communicated by Finance Minister Winston Jordan.
The Islamic Development Bank is an entity which provides interest-free loan financing for developmental projects, mainly in the areas of basic infrastructure and agriculture. Loans are limited to US$10 million and only carry a fee to cover related administrative expenses. The repayment period is between 15-25 years and includes a grace period of three to seven years depending on the recipient country’s classification.
The Bank also offers financing in projects in health, education, industry, water and sanitation, transport and energy sectors, as well as a range of services, such as technical assistance, trade financing, insurance of investment and export credits.
With the membership, Guyana will now be able to participate in the 41st Board of Governors Meeting, which will be held in Jakarta, Indonesia from May 17-19.
