DUSHANBE, January 5, 2015, Tajik President Emomali Rahmon, who was on an official visit to the Kingdom of Saudi Arabia, yesterday met in Jeddah with Dr. Ahmed Mohamed Ali al-Madani, the President of the Islamic Development Bank (IsDB).
According to the Tajik president’s official website, the two sides discussed issues related to state and prospects of further expansion of cooperation between Tajikistan and IsDB.
They reportedly expressed satisfaction with a long-term and fruitful cooperation between Tajikistan and IsDB.
The Islamic Development Bank has reportedly provided preferential loans and technical assistance to Tajikistan to a total amount of 325 million U.S. dollars.
President Rahmon appreciated IsDB’s initiative to provide 70 million U.S. dollars to Tajikistan for implementation of the Central Asia South Asia Electricity Transmission and Trade (Casa-1000) Project.
We will recall that a loan agreement for 70 million U.S. dollars was signed in Lima, Peru on October 9, 2015. The amount of this project is allocated to co-finance construction of the Tajik section of the regional power transmission line.
Emomali Rahmon and Dr. Ahmed Mohamed Ali al-Madani also expressed satisfaction with financing of rehabilitation of the Shohon-Zighar section of the highway connecting Dushanbe and Khorog and other important projects.
Dr. Ahmed Mohamed Ali al-Madani reportedly noted that the IsDB working group would visit Tajikistan in the near future to assess damage caused by recent earthquake to the Gorno Badakhshan Autonomous Region (GBAO) in order to provide assistance and to get acquainted with the project aimed at rehabilitating the Kulob-Shouroobod and Shkev-Qalai Khumb sections of the Dushanbe-Khorog highway.
Founded in 1973, the Islamic Development Bank (IsDB) is a multilateral development financing institution located in Jeddah, Saudi Arabia. The present membership of the Bank consists of 56 countries. The basic condition for membership is that the prospective member country should be a member of the Organization of Islamic Cooperation (OIC), pay its contribution to the capital of the Bank and be willing to accept such terms and conditions as may be decided upon by the IsDB Board of Governors.
Ranked on the basis of paid-up capital (as of August 2015),
major shareholders include: Saudi Arabia (26.57%); Libya (10.66%); Iran (9.32%); Egypt (9.22%); Turkey (8.41%); United Arab Emirates (7.54%); Kuwait (7.11%); Pakistan (3.31%); Algeria (3.31%); and Indonesia (2.93%).
IsDB has evolved into a group of five Entities, consisting of Islamic Development Bank (IsDB), Islamic Research & Training Institute (IRTI), Islamic Corporation for Development of the Private Sector (ICD), Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) and International Islamic Trade Finance Corporation (ITFC).
