Partnership between Islamic Solidarity Fund and Sudanese banks

09:56 PM July, 19 2018

Sudanese Online
Sudan News Agency-Khartoum-Sudan
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Khartoum, July 18 (SUNA) - The Ministry of Finance and Economic Planning has announced the government's consent to implement the proposal of the Islamic Solidarity Fund for Development and Partnership for the Economic Empowerment of the Poor and Vulnerable Groups in Sudan in partnership with Sudanese commercial banks. The project will start with $ 500 million, of which $ 250 million is be provided by the fund and the commercial banks over a five-year period, with a partnership rate of 4: 1 for each, respectively, whereas the fund is to attract the remaining $ 250 million from other donors. The State Minister for Finance Tariq Shalabi said, when he met Wednesday at the ministry with the Fund specialized team, the that the government of Sudan would play a coordinating role to achieve the objectives of the partnership proposal. He stressed the importance of the proposal and its alignment with the state's directives in alleviating poverty and providing employment opportunities for youth and vulnerable segments of the society. For his part, the head of the fund team Dr. Azhari Gassim, who is visiting the country during July 14-23, that the visit of the team to Sudan aims to enforce the proposal of economic empowerment and support the programs of the Government of Sudan to reduce poverty, describing the role of Sudanese banks as pioneer in supporting poor families and enable young people to find jobs, praising the banks desire in full cooperation with the Fund to implement the country's economic empowerment proposal. It is expected that a memorandum of understanding to be signed between the Islamic Solidarity Fund and the Government of Sudan represented by the Ministry of Finance and the Central Bank of Sudan to agree on the mechanism for implementing the economic empowerment proposal. It noteworthy that the Islamic Solidarity Fund is a one of the Jeddah-Based Islamic Development Bank (IDB) entity targeting poverty reduction in the Organization of Islamic Cooperation (OIC) countries by supporting appropriate economic growth for the poor, human development, providing financial support and providing stable income sources for the poor.

BH/BH