United Kingdom (Commonwealth Union)_ The Commonwealth Secretariat and the Islamic Development Bank (IsDB) established a partnership by signing a Memorandum of Understanding (MoU) in Paris. The objective of this collaboration is to explore avenues for cooperation in climate action and digital transformation and to enhance the economic and development ambitions of the shared member states of both organizations.
With 14 common member states, the MoU outlines fifteen priority areas of collaboration that aim to leverage the collective expertise, skills, and financial resources of the Commonwealth Secretariat and the IsDB. These areas cover the major sectors, including trade and investment, digital industrialization, climate finance, debt management, women’s economic empowerment, ocean governance, and the blue economy. By working together, the initiative seeks to provide crucial support for the recovery and resilience of developing and small states, especially those countries that are most susceptible to global economic disruptions.
At the MoU signing ceremony, Commonwealth Secretary-General Rt Hon Patricia Scotland KC expressed her optimism about the collaboration, highlighting the increased opportunities and improved access it would provide to tap into the collective ideas, knowledge, skills, and resources of both organizations. The proposed areas of cooperation, combined with their advocacy and convening power, are expected to offer vital support to developing and small states grappling with the multiple crises stemming from the pandemic, climate change, and threats to food security.
At the meeting, IsDB President H.E. Dr. Muhammad Al Jasser acknowledged the negative effects of ongoing geopolitical and trade tensions, emphasizing the potential risks and economic difficulties they posed. He underscored the IsDB’s dedication to expanding cooperative support for green and digital transitions in the countries shared by both organizations. Further, the Commonwealth Secretariat has been performing research on how targeted interventions, such as focusing on addressing supply-side constraints with innovative and digital technologies, can improve opportunities for countries. Further, they are also engaged in developing policies for digital industrialization, improving connectivity through information and communication technology (ICT) and e-commerce, and establishing effective legal and regulatory frameworks to facilitate trade.
The collaboration between the Commonwealth Secretariat and the IsDB will further advance women’s economic empowerment, combat gender-based violence against women and girls, and assist climate-related initiatives. Additionally, considering the ongoing climate challenges and the recent cyclone in Pakistan, their collaborative efforts in ocean governance and the blue economy are regarded urgent and essential. Additionally, the IsDB’s financial expertise will support improving access to trade finance for small states within the Commonwealth. Through this collaboration, the Commonwealth Small States Trade Finance Facility, which seeks to expand its reach by partnering with financial institutions in additional small states, will receive support.
The MoU signing between the Commonwealth Secretariat and the IsDB demonstrates their commitment to fostering resilient and innovative economies. Using their combined resources and knowledge, they intend to promote sustainable growth and inclusive development across all its member nations. The shared member states of both organizations include Bangladesh, Brunei Darussalam, Cameroon, Gabon, Gambia, Guyana, Malaysia, Maldives, Mozambique, Nigeria, Pakistan, Sierra Leone, Togo, and Uganda. The duration of the MoU is three years, from 2023 to 2026.
