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Suriname to participate in Islamic Bank Meeting in Saudi Arabia
Published on June 20, 2014 Email To Friend    Print Version

By Ray Chickrie
Caribbean News Now contributor

PARAMARIBO, Suriname -- Suriname’s governor to the Islamic Development Bank (IsDB), Gillmore Hoefdraad, will attend the 39th Annual Meeting of the IsDB Group, which will take place in Jeddah, Saudi Arabia, from June 22 – 26, and will coincide, this year, with the celebration of the 40th anniversary of the bank.

As in previous years, the annual meeting will offer the opportunity to discuss topics that are particularly important for member countries through a series of seminars. The seminars have been, this year, arranged in three tracks: Innovative Financing for Development; Public Sector -- Steering Economic Transformation and Prosperity; Private Sector -- An Engine for Growth according to a press release from the IsDB.

Hoefdraad, who is also the Governor of the Bank of Suriname, has been a very active governor representing Suriname at the IsDB. He has been instrumental in getting his country to enter an interim country partnership strategy with the IsDB last year. This partnership saw Suriname receiving a $70 million loan from the bank recently to fund healthcare and education. Altogether, Suriname has received about US$93 million in loans from the IsDB.

The Board of Governors meets once each year to review the activities of the Bank for the previous year and to decide future policies. In its annual meeting the Board designates a chairman, who holds office until the election of another chairman at the next Board meeting. The Board of Governors is the highest policy-making body. It can delegate powers to the Board of Executive Directors for the general operation of the Bank.

Suriname is the only country in Latin America and the Caribbean that is a member of a member of the IsDB. Membership was attained in 1997 after Suriname joined the Organisation of Islamic Cooperation (OIC).
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