GCEL EXECUTES MOU WITH THE ISLAMIC DEVELOPMENT BANK IN JORDAN
September 06, 2016
On September 6, 2015, GCEL and the Islamic Development Bank (IDB), through the International Islamic Trade Finance Corporation (ITFC), signed a Memorandum of Understanding (MOU) in Jordan as a first step toward IDB participation in the Governance of the Integrated Digital Economy (GIDE) Board of Directors.
GIDE brings together leading development finance institutions to oversee and monitor the operation of key Digital Economy platforms, including AxioMark (e-Commerce), AxioFin (e-Finance), and AxioIns (e-Insurance), which support the long-term sustainability of the Digital Economy ecosystem.
As part of the collaboration, GCEL and ITFC also developed a framework to engage additional development finance institutions in the governance structure and expand international participation.
The agreement built on an earlier MOU signed on June 6, 2014 between ITFC and GCEL to support deployment of the Digital Economy Platform and Benchmark Trade Lanes (BTL) through the HumaWealth Program. The initiative aims to enhance trade efficiency, strengthen trade security, and promote sustainable economic growth across Organization of Islamic Cooperation (OIC) member states.
