Islamic Development Bank Institute explores development of a smart countertrade system

Jeddah, Kingdom of Saudi Arabia: The Islamic Development Bank Institute (IsDBI) has initiated a project to explore the feasibility of developing a Smart Countertrade System for the Organization of Islamic Cooperation (OIC) member countries.

By utilizing the Institute’s existing patents such as Smart Vouchers, the digital system will aim to facilitate countertrade transactions between OIC member states, operating under the guidelines of the United Nations Commission on International Trade Law (UNCITRAL) Legal Guide on International Countertrade Transactions.

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