ECONOMY

Islamic Development Bank backs national ecosystems

The Islamic Development Bank (IsDB) is calling on developing countries to work together for the development of national ecosystems for South-South cooperation (SSC).

According to a statement from the bank on Wednesday, developing national ecosystems through triangular cooperation will be a major milestone that will strengthen developing countries' effort to achieve the priorities of the UN's 2030 Agenda for sustainable development.

"The national ecosystem for SSC should be based on national conditions, economic and social priorities, and national development strategies," the statement said.

Indonesian National Development Minister Bambang Brodjonegoro underlined that SSC should be strengthened to promote people-to-people connections.

"Areas like youth development, sports, and culture should be part of the bigger picture of SSC," Brodjonegoro said.

The bank will deploy its capacity and utilize the best scientific, technological and innovative strategies to ensure the development of robust national ecosystems for SSC, said Bandar Hajjar, the bank's president.

South-South cooperation is a broad framework of collaboration among developing countries of the South in the political, economic, social, cultural, environmental and technical domains, according to the UN.

Triangular cooperation is collaboration in which traditional donor countries and multilateral organizations facilitate South-South initiatives through the provision of funding, training, management, and technological systems as well as other forms of support, the UN says.

Setting poverty eradication as its overarching goal, the 2030 agenda was agreed to by UN member states in 2015.

The ambitious agenda features 17 sustainable development goals that aim to end poverty in all forms everywhere, promoting prosperity and well-being, while protecting the environment by 2030.

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