Malaysia Agrees To Be Part Of IDB Joint Monitoring Committee

KUALA LUMPUR, May 10 (Bernama) -- Malaysia have agreed to be part of the Islamic Development Bank (IDB) joint monitoring committee to monitor the implementation of partnership between Malaysia and IDB member countries, said International Trade and Industry Minister of Malaysia Mustapa Mohamed. However, the minister declined to provide any details of the partnership. Mustapa was speaking to reporters at a joint press conference on the sidelines of the Malaysia-IDB Group Investment Forum. Earlier, IDB Group President Dr Ahmad Mohamed Ali proposed the setting up of a joint monitoring group that would meet periodically to overlook all investments between Malaysia and IDB member countries. Ahmad said the proposal was to ensure the fullest implementation of the Member Country Partnership Strategy (MCPS) for Malaysia, which aimed at proactively enhancing South-South cooperation by encouraging twinning arrangements, transfer of technology, exchange of best practices and technical cooperation. He said under the MCPS programme, among the major areas included Islamic finance; science, technology and innovation; small-and-medium enterprises development; halal industry, education; and promotion of trade and investment. In Malaysia, the IDB Group has a total portfolio of US$1.4 billion which includes US$555 million for project financing, US$396 million for trade financing and US$482 million for treasury and other operations. The event was attended by Malaysian Prime Minister Najib Razak who also witnessed the exchange of several memorandums of understanding (MOUs) and joint venture agreements. Two of the MoUs were between IDB and the World Islamic Economic Forum and IDB with the Halal Industry Development Corp Sdn Bhd, which will see among others, promotion of economic growth through trade and investment, as well as, capacity building and training. The other MoUs were between the Export-Import Bank of Malaysia Bhd and the Islamic Corporation for the Insurance of Investment and Export Credit, which will see the exchange of information and business experience as well as technical assistance and training programme. A joint venture agreement was also inked between Taha Alam Sdn Bhd and Islamic Corporation for the Development of the Private Sector, which will see cooperation and promotion of products and services related to Hajj and Umrah, globally. About 150 businessmen and businesswoman from 33 member countries participated in the three-day forum. -- BERNAMA