Ahmadinejad proposes joint Islamic fund

November 9, 2009

TEHRAN – President Mahmoud Ahmadinejad put forward a proposal for the establishment of a joint foreign currency fund by the Organization of Islamic Countries’ (OIC) member states.

He made the statement in Tehran on Sunday before his departure to Ankara to take part in the 25th Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the OIC members.
""Reliance on the global capitalism can not resuscitate the world's current ailing economic situation. In such circumstances, multilateral cooperation in the framework of well-established organizations can be a solution,"" the Mehr News agency quoted Ahmadinejad.
OIC inter-governmental trade accounts for only 15-16 percent of their total global foreign trade, he pointed out and urged the Islamic countries to appreciate their 1.5-billion-people market and boost their economic cooperation, he added.
The Organization of the Islamic Conference (OIC) was established in 1969. It is the second largest inter-governmental organization after the United Nations with a membership of 57 states spread over four continents.
In order to coordinate and boost its action, align its view points, and be credited with concrete results in various fields of cooperation, the Organization has created different committees, nearly all, at ministerial level, a number of which are chaired by heads of state, among which is the Standing Committee for Economic and Trade Cooperation (COMCEC)