It is a good idea for Islamic countries to establish an economic and financial body to address the issues and crisis that stand on the way of development prosperity, the Islamic Development Bank IDB which was established in 1973 the IDB was founded as a multilateral financial institution, but it start operation in 1975, most of the Islamic countries were joined the bank, 57 countries is the number of the members.
The main objective of IDB is to provide financial support to the members to improve livelihood and to construct better infrastructure “The IDB is engaged in a wide range of specialized and integrated activities such as project financing in the public and private sectors; and boosting economic and trade cooperation among member countries”.
The following are the basic missions of the IDB, it believes that all people have the right to live in dignity and prosperity, and that nurturing economic growth is the best route out of poverty. Also it supports people with equipments to drive their own economic and social progress at scale, putting the infrastructure in place to enable them to fulfill their potential alongside building collaborative partnerships between communities and nations, across the public and private sectors and foster innovative and sustainable solutions to the world’s greatest development challenges, as we work towards the UN Sustainable Development Goals.
The current economic deterioration in Sudan deserves special consideration, the IDB must maximize the volume of allocated support, what did by the Bank is a great job, it contributed to peace and stability in Sudan, we know that peace environment is a key element in development process. Earlier the IDB has granted Sudan sum of $ 63.3 million to establish development projects in South Darfur State, this project will promote facilities and services that encourage people to increase production and productivity.
Sudan needs more support from the IDB to overcome the ongoing economic challenges, to stabilize the currency exchange rate and the uprising prices of the basic commodities.
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