ICD and Afreximbank to cooperate in private sector development
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.
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.
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”.
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