JEDDAH: The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group, and the Islamic Republic of Mauritania have signed a three-year Memorandum of Understanding (MoU) establishing a framework for strategic cooperation across key areas of private sector development and economic capacity building.

The agreement was signed at ICD Headquarters by H.E. Dr. Abdellah Souleymane Cheikh-Sidia, Minister of Economic Affairs and Cooperation, IsDB Governor, and the Acting CEO of ICD, Dr. Khalid Khalafalla, in the presence of H.E. Mohamed Lemine Dhehby, Central Bank of Mauritania, IsDB Alternate Governor,  and senior officials from the IsDB Group and members of the Mauritanian delegation.

A central pillar of the MoU is ICD’s commitment, on a non-binding and best-effort basis, to arrange a Shariah-compliant syndicated or club financing facility of up to USD 900 million in favor of Mauritania Saudi Mining and Steel S.A. (Takamul). The facility will support the development of the Atomai iron ore project in the Tiris Zemmour mining region, encompassing an open-pit iron ore mine, beneficiation facilities, two pelletizing plants in Nouadhibou, and ancillary infrastructure, including power generation and water desalination, targeting an annual output of 10 million tonnes of High-Grade Direct Reduction Pellets.

Beyond this flagship initiative, the cooperation framework encompasses a range of activities aimed at strengthening Mauritania’s institutional foundations and broadening access to private sector financing. These include supporting Mauritania’s sovereign credit rating engagement, developing a Public-Private Partnership (PPP) ecosystem, and extending lines of financing to local financial institutions to enhance SME access to capital. ICD will also work to identify and finance bankable projects in priority sectors, including energy.

Commenting on the signing, Dr. Khalid Khalafalla, Acting Chief Executive Officer of ICD, said: “We are honored to formalize this cooperation with the Islamic Republic of Mauritania. This MoU reflects our commitment to deploying Shariah-compliant finance as a catalyst for sustainable development. From supporting one of the region’s most significant mining and industrial projects to building institutional capacity in areas such as PPP and sovereign credit rating readiness, ICD is proud to play a role in Mauritania’s long-term economic transformation.”

H.E. Abdullah Suleiman Sheikh Sidiya, Minister of Economic Affairs and Development and IsDB Governor for Mauritania, stated:  “This partnership marks an important step in strengthening Mauritania’s efforts to accelerate sustainable and inclusive economic growth. Through this cooperation with ICD, we aim to mobilize innovative and Shariah-compliant financing solutions to support strategic investments, strengthen our institutional framework, and expand opportunities for private sector development. We particularly welcome ICD’s support in areas such as sovereign credit rating engagement, the development of a robust PPP ecosystem, and improving access to finance for SMEs. These initiatives will contribute to unlocking Mauritania’s economic potential and advancing our long-term development objectives.”

H.E. Mohamed Lemine Dhehby, Governor of the Central Bank of Mauritania and Alternate Governor of the IsDB Group, said: “Strengthening Mauritania’s sovereign credit profile is an important step toward deepening our integration into international financial markets and unlocking new sources of sustainable financing for our development priorities. We welcome ICD’s support in advancing our sovereign credit rating engagement and in reinforcing the financial ecosystem necessary to attract long-term investment. This collaboration will contribute to enhancing transparency, strengthening investor confidence, and supporting the continued development of Mauritania’s financial sector.”

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VAMNICOM is a National institute under the aegis of the National Council for Cooperative Training (NCCT), an autonomous society promoted by the Ministry of Cooperation.

During his visit, the Minister garlanded the statue of Vaikunth Mehta and gave tribute to his contribution to the field of cooperation. Hema Yadav, Director, VAMNICOM welcomed the Minister with a flower bunch.In her address, Hema Yadav congratulated the Minister on taking the charge of Minister of State for Cooperation and expressed hope that during his tenure, many more activities will be started in VAMNICOM, which will strengthen the cooperative movement in Maharashtra and the entire country.

Minister Mohol interacted with the faculty and staff members to understand the role played by VAMNICOM in the cooperative sector since 1967. He reviewed all the centers and training programs run in VAMNICOM. He shared his views about cooperatives.

In his address, the Minister expressed satisfaction with the work done by the Institute.  He appealed to faculty and staff members of the Institute to work keeping in view the initiatives taken for prosperity by Prime Minister of India Narendra Modi and Amit Shah, Central Home Minister and Minister of Cooperation.VAMNICOM was established in 1948 in Mumbai and later shifted to Pune in 1967.

The Minister was also informed about various training programs conducted by VAMNICOM after the formation of the Ministry of Cooperation. The institute, offering professional courses in the cooperative sector, has achieved a remarkable feat of 100% placement for PGDM (ABM), batch 2022-24. Realizing the importance of cooperatives in promoting a welfare state, a separate Ministry of Cooperation was created by the Government of India on July 6, 2021, to realize the dream of Sahakar se Samriddhi (Prosperity through cooperation). Since its inception, a large number of initiatives have been undertaken by the Ministry of Cooperation to leverage the benefits of cooperation in every sector of the economy.  

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PUNE: The India Science Festival 2024 (ISF 2024) which concluded recently at the Indian Institute of Science Education and Research (IISER) Pune on January 20 and 21, 2024 has marked another milestone in the celebration of scientific discovery and innovation. Organized by the Foundation for Advancing Science and Technology (FAST India) in partnership with Bajaj Auto, the festival provided a platform for scientists, researchers, students, and the public to engage in various scientific activities, discussions, and demonstrations.

ISF 2024 was inaugurated by Varun Aggarwal (Cofounder – FAST India, Founder – Aspiring Minds and The Change Engine), Prof. K Vijay Raghavan (Chief Scientific Advisor to ISF, former Principal Scientific Advisor to GoI), Atul Kirloskar (Chairman, Kirloskar Oil Engines Limited), Gauri Kirloskar (Managing Director, Kirloskar Oil Engines Limited), Ajay Mehta (Director, Deepak Nitrite Limited) and Prof Sunil Bhagwat (Director, IISER Pune).

The festival this year, under the theme “Towards Infinity | Mind, Machines, and the Endless Frontier,” brought together over 60 speakers from prestigious organizations like MIT, Harvard, IISc, IIT, AIIMS, IISER, and Ashoka University. These experts shared their insights on a range of pertinent topics, including Climate Change Solutions, AI & Robotics, and Space Research.

The Keynote speaker for this year was Kris Gopalakrishnan, Co-Founder of Infosys. Kris Gopalakrishnan was felicitated as the Industry Science Leader 2024 by Raghunath Anant Mashelkar and Prof K Vijay Raghavan in recognition of his dedication to promoting scientific research and its translation in India, evidenced by his advocacy, generous funding, and instrumental role in founding key scientific institutions.

Kris Gopalakrishnan said, “The potential of talent in India knows no bounds; I truly believe that the 21st century holds immense promise for India, as reflected in the theme of ISF – Towards Infinity. Our strengths lie in the vast population, a market of 1.4 billion people, and a robust education system. Over the next 30 years, the transformation of India will be driven by the students present here. We can cultivate the next generation of multinational corporations and facilitate world-class research right here in India, all thanks to the incredible talent at our disposal.”

In a significant announcement, it was declared that Pune will serve as the permanent venue for all future editions of the India Science Festival, reinforcing the city’s growing status as a hub for scientific discourse and innovation.

One of the highlights of ISF 2024 was “The Best of Unbounded Science – India (BoUnSc India)” with Rannvijay Singh Singha. This segment showcased a fusion of creative talks, photography, and science fiction storytelling, celebrating science uniquely and engagingly. The finale of the ISF flagship competition Talk Your Thesis, held as part of BoUnSc India, saw talented research scholars Spatika Jayaram (PhD student at the University of Cambridge), Parijat Banerjee (BS-MS student at IISER Pune), Ria Vaishampayan (Project fellow, IIT Bombay), and Deepanshi Karwall (MSc student, University of Manchester) compete live – portraying their research in innovative and fun ways. The event concluded with Parijat Banerjee bagging the position of the Talk Your Thesis champion.

The festival featured more than 30 exhibits and workshops, providing hands-on experiences in diverse fields such as prosthetics, AI, automated robots, mental health, food chemistry, and DIY technology. These interactive sessions catered to a wide range of participants, from school students to professionals, emphasizing the practical application of scientific knowledge. In addition, six JC Bose Science Policy Dialogues were conducted featuring 30+ luminaries including Dr. Annapurni Subramaniam, Dr. Abhay Karandikar, Prof. V Ramgopal Rao, Dr. Arabinda Mitra, Dr. Thomas Barlow, and Dr. Priya Nagaraj.

ISF 2024 successfully underscored the importance of science in daily life and its role in shaping the future. The event not only facilitated the exchange of groundbreaking ideas but also inspired participants, fostering a deeper appreciation for the wonders of science and technology.

Varun Agarwal, Co-Founder of FAST & Founder of ISF, said, “The India Science Festival achieved tremendous success, drawing over 23,000 attendees. Scientists were enthusiastically approached by attendees, treating them like celebrities, eager to ask questions and take selfies. We are confident that we have motivated numerous young individuals to consider a career in science. We also had targeted discussions on science policy, involving participation from industry representatives, scientists, policy experts, and government officials. The aim was to collaboratively develop mechanisms that would propel India to become one of the top three nations in science and technology.”

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During the summit, the two leaders agreed to support the G20 Leaders Declaration to pursue efforts to triple renewable energy capacity globally by 2030. They also agreed to pursue law enforcement coordination on counternarcotics, including on the illicit production of fentanyl. The two sides announced the resumption of military-to-military communications, put on hold by China since US Speaker of the House Nancy Pelosi visited Taiwan in 2022. They also affirmed the need to address the risks of advanced AI systems and improve AI safety through talks.

The meeting comes at a pivotal time in US-China relations as the two leaders seek to reduce friction and forge new areas of cooperation. Given the tailspin in bilateral relations, expectations for the meeting were exceedingly low. Yet the two leaders were able to agree on a set of modest proposals on climate and dialogues to stabilize the relationship going forward.

China also released its long-awaited Methane Emissions Control Action Plan, primarily concerned with improving the monitoring, reporting, and verification system for methane emissions and increasing controls in the energy, waste, and agriculture sectors. The plan reinforces global methane exchanges and cooperation through China’s preexisting “Belt and Road” International Green Development Coalition and South-South cooperation on climate change initiatives.

China’s state security chief Chen Yixin concluded a rare 10-day tour of Southeast Asia last week, highlighting Beijing’s push to build security relationships in a key area of geo-strategic competition between the US and China. During his visit, Chen engaged in high-level discussions with national leaders and intelligence officers from Cambodia, Vietnam, and Thailand and reached an “extensive consensus” on security and intelligence cooperation.

6-point summary of what Xi said in San Francisco

1. The Flying Tigers: Xi honored the historic Sino-American alliance, stating, “The Chinese people never forget the Flying Tigers … These stories … will be passed on from generation to generation.”
2. 2911 Bonnie Drive: Recalling his first stay in the United States (at that address), Xi reflected, “They represent America to me … a strong current of goodwill and friendship across the Pacific Ocean.”
3. People-to-People Bonding: Xi stressed strengthening ties, enhancing people-to-people exchanges, increasing direct flights, initiating high-level tourism dialogues, and simplifying visa procedures.
4. Youth Exchanges: Xi announced plans to invite 50,000 young Americans to China for exchange programs over five years.
5. U.S.-China Counternarcotics Cooperation: A new working group will be established to address drug abuse, and Xi expressed, “China sympathizes deeply with the American people, especially the young, for the sufferings that Fentanyl has inflicted upon them.” 
6. Pandas’ Return: Xi committed to panda conservation cooperation, and acknowledged their role as symbols of friendship, notably for Californians and the San Diego Zoo.”

The meeting between Presidents Biden and Xi signifies a notable shift in US-China relations from China’s perspective, with both sides agreeing to cooperate on climate and counternarcotics efforts, as well as restart military dialogue. The meeting comes at a pivotal time in US-China relations as the two leaders seek to reduce friction and forge new areas of cooperation.

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