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ICD and Afreximbank sign agreement to promote development in Africa

Construction, manufacturing and energy are among the high-priority sectors for ICDs project financing plans. (Image source: WorldBank/Flickr)

The Islamic Corporation for the Development of the Private Sector (ICD) has signed an agreement with the African Export-Import Bank (Afreximbank) to foster development in ICD member countries in Africa

ICD is the private sector arm of Saudi Arabia’s Islamic Development Bank (IDB). According to the agreement, Afreximbank and ICD will collaborate for joint operations, expand financial services and exchange information on modalities for enhanced and efficient interventions for private sector development in ICD countries.

Khaled Al Aboodi, CEO of ICD, said, “Africa and the Islamic finance industry are key strategic directions for ICD and we hope, via this partnership, to increase our presence in the continent.”

The two institutions will also work together to structure sukuk/debt capital market transaction opportunities, and co-invest in Islamic leasing companies. Local financial institutions would be supported in Africa, by raising capital via finance lines. They would also upgrade each other on the latest developments in Islamic finance, advisory services and aspects of project financing.

The agreement covers opportunities for financing projects in the construction, energy, manufacturing and leasing sectors in African countries.

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