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The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), has signed a cooperation agreement with the African Export-Import Bank (Afreximbank)
The agreement, signed by ICD CEO Khaled Al Aboodi and president and chairman of the Afreximbank board of directors Jean-Louis Ekra, in Manama, Bahrain last week, affirms the parties’ commitment to work together to develop the private sector in African
ICD member countries.
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.
The cooperation will entail the sharing of information on projects and business opportunities in Africa and on participation in the arrangement of syndications or investment in funds, as well as cooperating in structuring sukuk/debt capital market transaction
opportunities, co-investing in Islamic leasing companies and supporting local financial institutions through the raising of capital via lines of finances.
Ekra said, “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.”
Africa and the Islamic finance industry are key strategic directions for ICD, which was established in 1999 to promote economic development of its member countries, in accordance with Islamic principles, through private sector development.
Afreximbank was established in 1993 by a group of African governments and investors, with the goal of financing and promoting intra- and extra-African trade.