Azerbaijan, Baku, Dec. 16 / Trend, A. Tagiyeva, S. Isayev/
Organization of Islamic Cooperation (OIC) started preparations for the establishment of a the Islamic Development Bank member-countries joint commodity exchange, Director of International Projects at the Ministry of Agriculture of Turkey Deniz Berber told Trend.
"OIC is taking first steps for creation of a joint commodity exchange for the IDB member-countries. To make it work, organization is gathering information on the agricultural sector and economic status of the IDB member-countries," Berber said.
According to her, after the primary data is collected, concrete steps will be taken.
Earlier, Minister of Agriculture Mehmet Eker also noted the need to create a joint commodity exchange for the IDB member-countries.
Deniz Berber pointed out, that presently there is no information on the required amount of investment for the project.
The project is included in the ten-year development plan of OIC, which aims at developing trade relations between the IDB member-countries. Purpose of the plan is to increase the trade turnover between the OIC members by 20 percent.
Another important point, according to Berber, is that the joint commodity exchage between IDB member-states will help the development of food trade between the OIC countries. This way, the food imports dependance on non-Islamic countries will be reduced.
Islamic Development Bank is one of the few multilateral development financial institutions rated by the three international rating agencies - Standard & Poor's, Fitch and Moody's with the highest possible rating (AAA).
IDB is an international financial institution established in 1975 with the purpose of fostering economic development and social progress of Member Countries and Muslim communities in Non-Member Countries.
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