The Islamic Development Bank and the D-8 organisation have signed a Memorandum of Understanding (MoU) to enhance development efforts, joint expertise, knowledge and resources for the socio-economic development of the countries. The MoU was signed in Istanbul during the ninth summit of the D-8, which was attended by President Muhammadu Buhari and other D-8 leaders.
It was signed in the presence of the D-8 leaders, who attended the summit with the theme ‘Expanding Opportunities through Cooperation’. According to statement issued by the Bank after the signing ceremony, Islamic Development Bank Group will work with the Developing-8 Organisation for Economic Cooperation to promote sustained economic growth in the member states of the D-8.
The Bank explained that the agreement foresees possible cooperation in the identification and implementation of joint programmes and projects in the fields of transportation, trade, investment, Islamic finance, energy, industry and small and medium-sized enterprises. Also, the agreement will pave the way for D-8 member countries to undertake joint programmes in agriculture, food security, tourism, science, education and establishment of data banks.
It also envisages the exchange of knowledge and information on commercial issues. The Islamic Development Bank will also consider the allocation of scholarships for students from D-8 states. The D-8 was established on June 15, 1997, consisting of eight emerging economies – Nigeria, Bangladesh, Egypt, Indonesia, Iran, Malaysia, Pakistan, and Turkey.
The total GDP of D-8, which has an estimated total population of one billion, has tripled by increasing from 1.2 trillion USD in 1997 to 3.7 trillion USD in 2016.
