IsDB, Algeria sign cooperation framework for 2025–2027
Algiers -- The Islamic Development Bank Group (IsDB) and Algeria on Tuesday signed a Strategic Cooperation Framework for the period 2025–2027.
The partnership framework brings together IsDB, the Islamic Corporation for the Development of the Private Sector (ICD), the International Islamic Trade Finance Corporation (ITFC), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) the Islamic Solidarity Fund (ISF), and the Islamic Development Bank Institute.
The new cooperation aims to support sectors that enhance competitiveness, economic diversification, infrastructure, and private-sector development and strength partnerships for human capital development and regional cooperation.
The agreement was signed by Algerian Finance Minister Abdelkrim Bouzred and IsDB President Dr. Muhammad Al Jasser.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
35 minutes ago
- Khaleej Times
Fintech revolution: Borderless finance driving inclusion with GTN
The future of fintech is undeniably here, defined by accessibility, personalisation, and seamless integration of financial services into everyday life. As the financial landscape evolves, investing and money management are becoming embedded in our daily transactions, with GTN leading this revolution by helping institutions adapt while driving financial inclusion across the Middle East and North Africa (Mena) region. Financial technology has democratised money management. Investment opportunities once reserved for the wealthy are now available to everyday consumers through intuitive, automated solutions like round-ups, auto-sweeps, dollar-a-day investing, and micro-portfolios. These innovations foster financial habits previously inaccessible to most people, transforming how we build wealth. The brilliance of modern fintech isn't just about access, it's about integration. API-driven architectures allow users to interact with finances naturally and effortlessly. Whether it's automatic micro-portfolio contributions or smart savings tools within banking apps, these services blend seamlessly into existing digital experiences, requiring minimal conscious effort from users. Remarkable shift in Mena In Mena, this transformation is accelerating rapidly. The Mena region has seen a remarkable shift in recent years, moving swiftly to embrace fintech innovation and positioning itself as a serious contender on the global stage, thanks to forward-thinking regulation and a surge in digital engagement. The UAE, Saudi Arabia, and Bahrain have implemented progressive initiatives including regulatory sandboxes and national strategies like Saudi Vision 2030, creating fertile ground for fintech growth and digital banking. As a result, investment opportunities once limited to high-net-worth individuals are becoming widely accessible. This revolution is reshaping the competitive landscape, with financial institutions facing mounting pressure to meet elevated customer expectations. Today's consumers demand experiences characterised by speed, convenience, transparency, and personalisation. Standards set by other digital industries. Banks and brokers throughout Mena are racing to modernise their offerings with platforms that deliver fast, secure, and intuitive financial tools. GTN excels GTN excels in this environment as a fintech leader providing cutting-edge solutions that help both established institutions and emerging startups scale efficiently. Their API-driven platforms and customisable solutions enable seamless integration of advanced trading and investing capabilities without the limitations of legacy systems. This empowers institutions to remain competitive amid rapid market changes. Organisations like ADIB Securities have embraced GTN's technology to create user-friendly trading platforms appealing to millennial and Gen Z investors. These platforms offer personalised experiences and unified access to diverse financial products, from stocks to bonds to commodities all within a cohesive environment. In today's digital transformation era, success comes through collaboration rather than competition between fintechs and traditional institutions. Together, they're building an inclusive, efficient financial ecosystem accessible to all. GTN stands at the forefront of this movement, helping Mena financial institutions unlock new opportunities while ensuring broader financial inclusion. The journey towards borderless finance is underway, with fintech leaders like GTN driving innovation. As technology evolves, the vision remains clear: to make financial services accessible, personalised, and integrated into everyday life, ensuring everyone can build the financial future they deserve.
Zawya
an hour ago
- Zawya
Oman Vision 2040 is a blueprint for sustainable growth: World Bank
From digital corridors to investment pipelines, Oman Vision 2040 is transforming the present for a stronger future, and symbolizes yet another chapter of strategic evolution that has characterized the country from prehistoric Majan to modern Oman, said the World Bank in its blogs. "Developed through extensive consultations with citizens, Vision 2040 enshrines a diversified and resilient economy less reliant on oil while fostering a globally integrated and prosperous society. What began under the leadership of the late Sultan Qaboos bin Said, with the careful planning of His Majesty Sultan Haitham bin Tarik, is a roadmap charting how Oman can adapt to changing economic conditions, shifting culture, and disrupting technology to steer Oman toward economic diversification, sustainability, and global competitiveness. Oman's steady progress under Vision 2040 offers a model for other emerging economies navigating uncertainty through long-term planning. It further guides Oman's increased global engagement and partnership with organizations like the World Bank Group," the blog said. Oman and the World Bank Group have enjoyed an active partnership for decades. This has led to working together on a range of areas aligned to Vision 2040, from national development plans and budget system modernization to transport and fisheries. A key focus right now is strengthening the investment climate to support private sector-led growth and job creation. The World Bank is bringing global knowledge and advice on best practices in business environment reforms tailored to the Omani context. IFC, the Bank Group's private sector arm, recently announced new investments to bolster the country's sustainable finance market and empower the private sector. MIGA, home of the World Bank Group Guarantee Platform, secured $1.2 billion in commercial financing of the infrastructure works for the Duqm Special Economic Zone. Central to Oman Vision 2040 is the imperative of economic diversification and building a knowledge, technology-driven economy. In practice, this means investing in digital infrastructure, encouraging R&D, and nurturing new industries. Major regulatory reforms have been rolled out to catalyze private-sector growth and foreign investment. For example, a new Foreign Capital Investment Law took effect in 2020, removing minimum capital requirements and allowing 100% foreign ownership in many sectors. Attracting foreign direct investment and strengthening the private sector are key components of the Vision, and these reforms unlock those opportunities. Oman is also leveraging its strategic geography to become a logistics and trade hub. Positioned outside the Strait of Hormuz on major global trade routes, it has prioritized modernizing ports, free zones, and airports. The development of Duqm – a vast special economic zone with a deep-sea port – and upgrades at Salalah and Sohar ports exemplify this push. Such investments aim to streamline the flow of goods and make Oman a vital link in global supply chains. Already, early results of the economic transformation are visible: non-oil sectors like construction, manufacturing, and transport are growing quickly. Maintaining this momentum will require sustained reform, and Oman's multi-pronged approach – from startup incubators to industrial free zones – is steadily transforming the economy. Sustainable development is an overarching principle, and Oman's fisheries sector is a standout success story for this agenda. Fisheries have evolved from a traditional, artisanal industry into a technology-enabled sector that contributes to diversification. The government, with World Bank support, crafted a Fisheries and Aquaculture Vision to create a profitable world-class sector that is ecologically sustainable and a net contributor to Oman's economy. The innovation shown in the Omani sustainable fisheries sector is yielding impressive results. The sector is expanding at near double-digit rates, with a recorded 7.5 percent sectoral growth in the first three quarters of 2024. This progress reinforces the country's ambition for economic diversification by setting a high bar, with the sector aiming to reach 10 percent annual growth and contribute 2 percent to the national GDP. Developing human capital is another key element of Oman's vision. A skilled, educated populace is the bedrock of competitiveness. Educational reforms are underway to align curricula with future labor market needs and improve quality at all levels. Oman's ambition includes ranking among the top 20 countries in global education indices by 2030, and top 10 by 2040. Investments in schools and universities over the past decades have dramatically expanded access. Now the focus is on boosting outcomes in science, technology, engineering, and math to nurture a knowledge economy. Equally important, Oman is fostering a culture of research and entrepreneurship. Through its Ministry of Higher Education, Research, and Innovation, new programs are funding research and the commercialization of ideas. Innovation parks and incubators have been launched in partnership with the private sector to mentor startups and turn student projects into marketable products. Aspiring young entrepreneurs receive support via financing initiatives and training programs, often co-sponsored by government and industry. Public-private partnerships are helping build this innovation ecosystem – for example, technology companies are collaborating with Omani colleges on coding academies, and energy firms are investing in technical training centers. These efforts are bearing fruit: a burgeoning startup scene is evident in Muscat, and the number of Omani tech SMEs is on the rise. In parallel, Oman has worked to make its labor market more flexible and dynamic, implementing new labor policies in 2023–24, adding more benefits for women, and encouraging private-sector hiring of Omanis. With 64% of the population under 30, all these measures aim to harness Oman's demographic dividend by equipping its youth with the skills and opportunities to innovate. To ensure the successful realization of Oman Vision 2040, a specialized entity—the Oman Vision 2040 Implementation Follow-up Unit—was established by Royal Decree 100/2020. Reporting directly to the Council of Ministers, the Unit plays a central role in monitoring the progress of the vision, facilitating coordination across sectors, addressing challenges, and providing strategic support to align efforts with the national vision. Looking forward to the next 15 years, there will be continued opportunities as well as challenges in realizing the vision. Successful implementation requires continued commitment, adaptability, and engagement with global partners. Oman's journey towards realizing its 2040 vision can serve as a valuable case study for other countries navigating uncertainties and striving for economic diversification, sustainability, and global integration. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Zawya
an hour ago
- Zawya
$5.70bln in total financing provided by regulated entities in Q1 2025: Egypt's FRA
Egypt - The Financial Regulatory Authority (FRA) announced that entities under its supervision provided a total of EGP 283.6bn in financing during the first quarter (Q1) of 2025. This includes all regulated non-banking financial activities, such as capital markets, insurance, leasing, and consumer finance. In its quarterly report, the FRA revealed that equity issuances during Q1 totaled EGP 2bn, while issuances of securities other than shares reached EGP 3bn. Leasing contracts were valued at EGP 1bn during the same period. Financing extended to micro, small, and medium enterprises (MSMEs) reached EGP 24.4bn, underscoring the sector's importance in supporting economic growth and job creation. Consumer finance amounted to EGP 17.5bn, and factoring activity—financing through the purchase of accounts receivable—stood at EGP 29.8bn. Mortgage finance also remained strong, recording EGP 11.2bn in value. The FRA noted that the value of disclosures on movable assets registered in Egypt's collateral registry reached EGP 3trn in Q1, reflecting the growing use of movable assets as loan collateral. Meanwhile, the outstanding balances of MSME financing totaled EGP 6bn. In the insurance sector, collected premiums reached EGP 30.3bn in the first three months of the year. Of this, property and liability insurance contributed EGP 17.5bn, while life and fund formation insurance accounted for EGP 12.8bn. Paid compensation by insurers during the same period totaled EGP 13.7bn—EGP 6.6bn for property and liability insurance, and EGP 7.1bn for life and fund formation policies. Private insurance fund investments reached EGP 6.5bn during Q1, indicating solid growth in long-term savings and retirement-related instruments. The FRA clarified that property and liability insurance includes coverage against risks such as fire, theft, and damage to physical assets, including homes, vehicles, and commercial goods. Life and fund formation insurance comprises life coverage, personal accident insurance, and savings-based policies that help individuals plan for future financial needs. The authority's report reflects the continued development of Egypt's non-banking financial services sector, a key pillar in the country's economic diversification and financial inclusion strategies. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
