Africa and the Islamic finance industry are key strategic directions for ICD
MANAMA, Bahrain March 2, 2015/African Press Organization (APO)/ – The Islamic Corporation for the Development of the Private Sector (ICD) (http://www.icd-idb.com), the private sector arm of the Islamic Development Bank Group (IDB), has signed an agreement with the African Export-Import Bank (Afreximbank) to cooperate in the development of the private sector in ICD member countries in Africa.
Under the terms of the agreement signed in Manama on 2 March 2015, the two institutions will collaborate in joint operations, expand financial products and exchange information on modalities for enhanced and efficient interventions for private sector development in ICD affected countries.
Khaled Al Aboodi, CEO and General Manager of ICD, and Jean-Louis Ekra, President and Chairman of the Board of Directors of Afreximbank, signed the agreement on behalf of their respective institutions.
According to the agreement, ICD and Afreximbank will share information on projects and business opportunities in Africa and on participation in the arrangement of syndications or investment in funds. They will also cooperate in structuring sukuk/debt capital market transaction opportunities, co-invest in Islamic leasing companies and support local financial institutions in Africa through the raising of capital via lines of finances.
In addition, they will exchange information aimed at upgrading knowledge and expertise about Islamic finance, environmental assessment, project finance and advisory services. The agreement also covers exploration of opportunities for cooperation in financing projects in the construction, energy, manufacturing and leasing sectors in African countries.
Mr. Khaled Al Aboodi, the CEO of ICD commented, “Africa and the Islamic finance industry are key strategic directions for ICD and we hope, via this partnership, we will increase our presence in the continent”.
“We are greatly encouraged at this opportunity to collaborate with ICD in growing the African private sector. ICD’s leadership and experience in promoting the establishment, expansion, and modernization of private enterprises complements Afreximbank’s longstanding commitment to using the private sector as the growth engine in achieving its mandate of promoting and financing intra- and extra- African trade,” said Jean-Louis Ekra, President of Afreximbank.
About the Islamic Corporation for the Development of the Private Sector (ICD)
The Islamic Corporation for the Development of the Private Sector (ICD) (http://www.icd-idb.com) is a multilateral organization, part of the Islamic Development Bank (IDB) Group. ICD was established in November 1999 to promote economic development of its member countries in accordance with the principles of the Sharia through private sector development. ICD encourages the establishment, expansion and modernization of private enterprises through financing private sector enterprises or projects. Projects are selected on the basis of their contribution to economic development considering factors such as creation of employment opportunities and contribution to exports. ICD also provides advice to governments and private sector groups on policies to encourage the establishment, expansion and modernization of private enterprises, development of capital markets, best management practices and enhance the role of market economy. ICD operations complement the activities of the IDB.
About the African Export-Import Bank (Afreximbank)
The African Export-Import Bank (Afreximbank) is the foremost Pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, Afreximbank has approved almost $35 billion in credit facilities for African businesses, including about $4.5 billion in 2014. Afreximbank is headquartered in Cairo. For more information, visit: www.afreximbank.com
Islamic Corporation for the Development of the Private Sector (ICD)