Riyadh, Kingdom of Saudi Arabia, 1 May 2024 – On the sidelines of the 2024 Islamic Development Bank (IsDB) Group’s Annual Meetings and the Bank’s 50^th Anniversary Golden Jubilee, in the city of Riyadh, Suriname’s Minister of Finance and Planning, H.E. Mr. Stanley Raghoebarsing met with IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, where the two sides launched the new Country Engagement Framework (CEF) for Suriname (2024-2026).

At the meeting, H.E. Dr. Al Jasser congratulated H.E. the Minister on the launching of the Country Engagement Framework (CEF) (2024-2026) for Suriname reiterating the Bank’s support towards sustainable development through infrastructure, capacity building and social sector advancement

The CEF for Suriname is designed to support the country's development needs by using IsDB‘s operational tools and mechanisms with a view to ensuring sustainable development via igniting growth, diversification, and building human capital for the future of Suriname.

The IsDB Regional Hub of Paramaribo will continue further technical discussions with Surinamese authorities, private sector representatives and other development partners on ways and means of implementation of identified projects and programs within the Country Engagement Framework (2024 – 2026).

IsDB Group entities have already shown their commitment to collaborate and support the following key areas: Energy, Health, Education, Housing, Agriculture, Waste Management and SMEs support.

Under the CEF, the Group plans to continue providing infrastructure financing, technical assistance, and reverse linkage support for Suriname across the priority areas outlined under Pillars 1 and 2 of the CEF, which are also aligned with the IsDB’s Realigned Strategy.

The IsDB Institute (IsDBI), the research and training arm of the IsDB Group, on its part will continue providing its ongoing Islamic finance technical assistance through the delivery of a bespoke capacity-building program for the Central Bank of Suriname (CBvS).

Additionally, the IsDBI plans to coordinate a familiarization visit for the relevant staff of CBvS to meet with various stakeholders in Malaysia such as Bank Negara Malaysia and IsDB’s Kuala Lumpur Center of Excellence (KLCoE).

IsDB Group’s private sector entities, meantime, are to play a proactive role in the IsDB-Suriname CEF. The International Islamic Trade Finance Corporation (ITFC) will resume its import financing facility to secure the import of strategic commodities such as refined petroleum products, foodstuffs, and pharmaceutical products.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) may assist Suriname in its infrastructure endeavors through various risk mitigation tools in partnership with multilateral development banks and financial institutions to facilitate investment and trade.

Additionally, IsDB Group’s Islamic Corporation for the Development of the Private Sector (ICD) is keen to explore cooperation with other MDBs, via co-financing or syndication, to support the development of corporate and private sectors in the country.

As of April 2024, the IsDB Group had approved total financing of about US$217 million for Suriname. This included US$117.1 million in project financing by IsDB; US$2 million approved by ICD; US$80 million in trade operations by ITFC, and US$18.2 million by other IsDB Group funds and operations. In addition, ICIEC had US$1.5 million as new insurance commitments.