Caribbean News Now!

About Us Contact Us


Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.


Submit news and opinion for publication


Click here to receive our daily regional news headlines by email.


Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin

News from the Caribbean:

Back To Today's News

Affordable housing In Suriname to benefit from US$35 million Islamic Bank loan
Published on May 17, 2017 Email To Friend    Print Version

By Ray Chickrie
Caribbean News Now contributor

PARAMARIBO, Suriname -- In a major boost to the housing sector of Suriname, the Islamic Development Bank (ISDB) has approved a US$35 million loan to support the shortage of affordable housing in Suriname. It is an issue that has been at the forefront of President Desi Bouterse's campaign pledge.

The loan was approved on Monday in Jeddah, Saudi Arabia, where the 42nd meeting of the Islamic Bank governors is being attended by the finance minister of Suriname, Gilmore Hoefdraad, and alternative governor of Suriname to the Islamic Bank, Dr Anwar Lall Mohamed.

Suriname, which is facing economic stagnation and inflation, is being assisted by the Islamic Bank and the IMF.  Suriname has a long history with the Organisation of Islamic Cooperation (OIC) and the IsDB. With this new loan, the bank has provided about US$100 million of concessionary loans to Suriname.

Suriname has kept close ties with the Islamic bloc of Asian, African and Arab countries and has invested a lot of resources to broaden and accelerate ties with the Islamic Bank. Paramaribo has invited various secretaries general and officials from the OIC and the Islamic bank on visits to Suriname and has attended small and large meetings of the OIC and the Islamic Bank to ramp up diplomacy, with the objective of socio-economic development at home. 

According to Mohamed, in Jeddah his delegation will work hard to push through pending projects with the bank; among others, a healthcare strengthening project; detailed design of the new academic hospital, two education projects and a cooperation agreement for 2017-2020.

The board of executive directors of the IsDB also approved financing for various infrastructure projects for five member countries of the Islamic Bank, totaling $453 million.

“Building the infrastructure of our member countries is important in order to accelerate development activities. With infrastructure development come other benefits like providing employment opportunities and reducing poverty," said IsDB president Bandar Hajjar.

"The theme of our annual meeting is on youth economic empowerment. Infrastructure projects provide significant opportunities for our youth,” he added.

Reads: 8214

Click here to receive daily news headlines from Caribbean News Now!



No comments on this topic yet. Be the first one to submit a comment.


As a result of our comments feature being overtaken in recent weeks by spammers using fake email addresses, producing a large number of bounced verification emails each day, we have reluctantly decided to suspend the comments section until further notice.

User comments posted on this website are the sole views and opinions of the comment author and are not representative of Caribbean News Now or its staff. Caribbean News Now accepts no liability and will not be held accountable for user comments.
Caribbean News Now reserves the right to remove, edit or censor any comments. Any content that is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will not be approved.
Before posting, please refer to our Terms of Use and Privacy Policy.

Other Headlines:

Regional Sports: