Islamic Development Bank
|Topics:||💵 Finance, Foreign Policy, International Relations, 💸 Accounting|
The Islamic Development Bank (IsDB) serves as a financial institution which was founded in 1975, in Jeddah, Saudi Arabia. It is imperative to note that the basis for the establishment of the IsDB is because the Organization of Islamic Cooperation (OIC) wanted to create a sharia-compliant financial resource which would be accessible by all its member states (Hernandez & Vadlamannati, 2016). As a result, social development and economic growth would be nurtured in an individual and communal basis for member states and Muslim communities in countries not in the IsDB. The IsDB is comprised of 56 member states from four continents which include: South America, Africa, Europe, and Asia. All the member states are thus entitled to receive loans from the bank. For a country to join the IsDB, certain conditions are supposed to be observed. First, there is a need for the non-member state to be a member of the OIC. Secondly, the country should submit part of its membership fee to the capital stock of IsDB, and lastly, it is a prerequisite that the joining country follows the terms and conditions provided for by the IsDB board of governors.
Educatio Status in the Republic of Togo
The education system in the Republic of Togo conforms to the French model of learning. It uses the 6-4-3 formal education structure which is highly constrained by a favored primary level which is broader compared to the secondary and higher education levels respectively (BAFEI, 2011). The primary level, which lasts for a maximum of six years, is free and is a necessity for children six years of age. Furthermore, the secondary level of education encompasses two levels: the lower secondary level (from 7th to 10th grade) as well as the upper secondary level (from 11th to 13th grade). On the other hand, the higher education is offered in colleges as well as universities that have programs that lead to baccalaureates and master’s degrees. With the onset of free primary education in 2008, which was endorsed and supported by UNICEF, the Republic of Togo was on an optimistic trend in the attainment of the millennium development goal of universal primary schooling which was slated for 2015.
- BAFEI, P. (2011). Education_in_Togo: From_Its_Creation_until_the_Period_of_Socio-Political and_Economic_Crisis_of_1990. International Education Studies, 4(1). http://dx.doi.org/10.5539/ies.v4n1p248
- Hernandez, D. & Vadlamannati, K. (2016). Politics_of_religiously_motivated_lending: An empirical_analysis_of_aid_allocation_by_the_Islamic_Development_Bank. Journal_of_Comparative_Economics. http://dx.doi.org/10.1016/j.jce.2016.09.008