Malaysia And IDB To Strengthen Collaboration

PUTRAJAYA (Malaysia), June 23 (Bernama) -- Malaysia and the Islamic Development Bank Group (IDB) will strengthen it collaboration to facilitate the transfer of expertise and sharing of development experience especially with low income member countries. In a statement, Second Finance Minister Ahmad Husni Hanadzlah said IDB had the connectivity and could play the lead role in uplifting the economic strength of its member countries. "Furthermore, IDB can be used as a platform to formulate a long-term solution that will bring development and raise income level of low income member countries," he said. Regarding all members as “One Ummah”, Ahmad Husni noted that for long-term shared prosperity to be achieved, IDB would need to assist member countries by employing a holistic approach, including strengthening member countries' facility to formulate medium to long-term development planning and transformation of government, economic and human resources, including education. "Malaysia could support IDB in this circumstance, with the enhancement of IDB Regional Office Kuala Lumpur as a hub for knowledge and research excellence, especially given Malaysia's experience in development planning such as the Malaysia Plan, Government Transformation Programme and Economic Transformation Programme," he said. Ahmad Husni said the regional hub could also be a sharing centre for other Malaysian successes such as the implementation of Public Private Partnership, Islamic Finance, pilgrimage savings institution such Tabung Haji and the development of the halal industry. "In this regards, Malaysia and IDB could explore the development of joint-capacity building programmes, the development of a halal ecosystem in IDB member countries, develop a cooperation of network to unlock business opportunities in relation to investment and trade among OIC countries and non-OIC countries and the possibility of harmonisation of standards and licencing in IDB member countries," he said. For IDB to leverage the “One Belt, One Road”, Ahmad Husni said Malaysia could provide the link by providing more funds and assistance to aid in the development of IDB’s member countries. Ahmad Husni, who led a delegation to IDB Headquarters in Jeddah, Saudi Arabia, Wednesday met the President of IDB Dr Ahmed Mohamed Ali-Al Madani. The working visit stemmed from an invitation by Ahmed Mohamed and a continuation of matters discussed during the 41st IDB Annual General Meeting held in Jakarta, Indonesia, in May. Ahmed Mohamed thanked Malaysia for all the support it has given in the development of the ummah. He also commended Malaysia for being an active partner of IDB and its generosity in terms of knowledge sharing. The discussion between the Malaysian delegation and IDB continued with a series of meeting at the working level. The culmination of the series of discussion is the renewing of the Member Country Partnership Strategy (MCPS) 2016-2020. Currently, the draft Memorandum of Understanding is undergoing technical and legal review. It will also include the key areas discussed Wednesday and is targeted to be signed during the 12th World Islamic Economic Forum in Jakarta, Indonesia, in August. -- BERNAMA