Malaysian deputy finance minister Datuk Ahmad Husni Mohamad Hanadzlah has called on the Islamic Development Bank (IDB) to enter into dialogue with Organisation of the Islamic Conference (OIC) member countries to improve trade flows, according to the Malaysian national press.
Speaking at the annual IDB board of governors meeting, Hanadzlah called for the removal of non-trade barriers (NTBs) that hinder intra-trade financing by the IDB's International Trade Finance Corporation (ITFC). He also pressed for the adoption of an OIC- trade preferential scheme to enhance trade between member countries and meet an intra-trade target of 20%.
The ITFC was established last year to enhance the trade finance capacity of the IDB, which has provided over US$50bn to finance various development projects in OIC member countries in the last 30 years.
Last Updated June 06, 2008
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