OIC Cancels Poor Countries’ Debt

The Organisation of Islamic Conference (OIC) has cancelled the debt owned it by poor countries. 

This is done as part of the body’s efforts to relieve poverty in these countries and promote cooperation and greater solidarity.

The OIC Foreign Ministers first adopted this measure in preparation for the summit which began in the Senegalese Capital Dakar on Thursday. 

The resolution was passed despite the opposition by some member nations who suggested a “reduction” rather than a “cancellation” of the debt. 

Symbolic 

Describing the act as “significant and symbolic”, Senegalese Foreign Minister Cheikh Tidiane said that this is part of the economic partnerships that member countries of the Islamic Community are striving to build and develop. 

In the same spirit, the meeting called for the establishment of an Islamic Solidarity Fund, to support actions to fight against poverty, with Africa at the centre of its attention. 

On this summit's agenda, the Islamic Development Bank expects to win the necessary support to pursue two main specific objectives, as proposed by Amadou Boubakar Cisse, the bank's Deputy Operation’s Chairperson. 

According to Cisse, “what we have on the agenda is to mobilize financial resources for the Solidarity Fund and the Fight Against Poverty, and approval of a 12 billion US dollar special five-year programme for Africa.” 

The Islamic Development Bank invested four billion US dollars in sub-Saharan Africa in the last five years, in area of health, education, micro-finances, construction and infrastructures, as well as humanitarian assistance. 

The Solidarity Fund has been operational since mid-2007, in an effort to assist most African countries to achieve the Millennium Development Goals by 2015.

The Girl Child 

The fund is laying emphasis on primary education (particularly for girls), and the fight against AIDS, malaria, tuberculosis and other infectious diseases. 

The Bank's managers hope that they will leave the Dakar summit, with an increased ability to make loans available for productive projects and for the development of small and medium-sized companies. 

The Islamic Development Bank has been operating since 1973, when the OIC's Finance Ministers met in Jeddah, in Saudi Arabia, and approved the goal of improving the economic and social development of member states of OIC. 

 

Allafrica/AOA/ Qasim/GO

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