ICD and Afreximbank Cooperate To Develop Private Sector

THE ISLAMIC Corporation for the Development of the Private Sector (ICD), 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, Bahrain, 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, 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 modernisation 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.

Advertisements

About Indo Africa Times

Indo Africa Times, a weekly newspaper has its key intend to create extensive awareness amongst people about Africa and India concerning different sectors like economy, politics, culture, fashion, sports and many more. It is our sincere endeavor to bridge the information gap between Africa and India by endowing our readers with updated and latest developments occurring in both the countries.

Posted on March 16, 2015, in Wassup Africa. Bookmark the permalink. Leave a comment.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: