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Islamic Bank lends Suriname additional US$10 million
Published on March 28, 2014 Email To Friend    Print Version

By Ray Chickerie
Caribbean News Now contributor

JEDDAH, Saudi Arabia -- Suriname received an additional loan of US$10.27 million to support reforms in technical and vocational education and training projects on Sunday when the Islamic Development Bank (IsDB) approved US$515.6 million to support various socio-economic development projects in member countries as well as Muslim communities in non-member countries.

Just recently, the IsDB approved US $60 million under the member country partnership strategy (MCPS) with Suriname to provide support in the health sector.

Suriname is seeking additional funds from the bank to fund projects in the transportation sector, (i.e. rehabilitation and expansion of the New Nickerie Seaport through dredging and construction of warehousing facilities); and institutional capacity building, including cyber security.

The education sector received US$17.8 million comprising US$7.5 million to support bilingual primary education project in Burkina Faso; and US$ 10.27 million for reforming the technical and vocational education and training project in Suriname. But the bulk of the loan went to Morocco, Pakistan, Mauritania and Cameroon to support those countries’ energy sector.

Suriname’s representative to the Islamic Bank, Governor Gillmore Hoefdraad of the Central Bank of Suriname, is expected to attend the upcoming 39th annual meeting of the Board of Governors to be held in Jeddah in June 2014. Hoefdraad has been instrumental in consolidating Suriname’s ties with the bank since becoming governor of the Bank of Suriname.
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