UNCTAD, Islamic Development Bank unite over sustainable investment
The United Nations Conference on Trade and Development (UNCTAD) has released a set of 11 guiding principles for investment policies alongside the Islamic Development Bank (IsDB) and the Islamic Corporation for the Insurance of Investment and Export Credit.
IsDB is a multilateral development bank working to bolster comprehensive progress in 57 countries across Africa, Asia, Europe and South America, as well as Muslim communities worldwide.
The principles will help guide policymaking and leverage investment as a driving force for inclusive growth and sustainable development in IsDB member nations.
Director for Investment and Enterprise Development, UNCTAD, James Zhan, said: “UNCTAD has been a leader in adopting a soft approach to reshaping the global investment environment through its guiding principles and action menus.
“They help build global consensus on a new generation of investment policies, while allowing members to pursue the developmental priorities that are specific to them.”
Director of Cooperation and Capacity Development, IsDB, Riad Ragueb, said: “We are certain that these principles will provide the necessary guidance for the member countries to develop their investment policies in order to achieve the goals of sustainable development and comprehensive growth.”
These principles come at a time when sustainable development-oriented reform has entered the mainstream of investment policymaking. While some IsDB member nations have undertaken investment policy reforms, others are yet to do so.