The OIC Investment Agreement, also known as the Investment Agreement of the Organization of Islamic Cooperation, was signed in 1981 by member states of the OIC. The agreement aimed to promote investment within member countries and develop economic cooperation.
One of the key objectives of the agreement was to encourage investment in priority sectors, such as agriculture, industry, and infrastructure. Member countries were obligated to create a favorable environment for foreign investment and provide incentives to attract investors.
The agreement also established the Islamic Corporation for the Development of Private Sector (ICD), which is a multilateral development financial institution that provides financing and advisory services to private sector entities in member countries. The ICD`s primary focus is on promoting private sector development and supporting small and medium-sized enterprises.
Another significant outcome of the OIC Investment Agreement was the establishment of the Islamic Solidarity Fund (ISF), which provides financial assistance to member countries for various development programs. The fund supports projects in a wide range of sectors, including education, health, and infrastructure.
The agreement has played a crucial role in promoting economic cooperation among OIC member states and strengthening links between the private sectors. It has also created opportunities for foreign investors to explore investment opportunities in member countries, contributing to the growth of the Islamic economy.
In conclusion, the OIC Investment Agreement of 1981 was a significant initiative to promote investment and economic cooperation within the member countries of the OIC. The establishment of the ICD and ISF has provided crucial support to promote private sector development and economic growth. As the Islamic economy continues to grow, the OIC Investment Agreement remains an important framework for promoting investment and cooperation.