ICD and FEI sign MoU for private sector development in Egypt

167842The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IsDBG), and the Federation of Egyptian Industries (FEI) have signed a MoU to establish a framework of cooperation between the two parties for the furtherance of their respective mandates in several  areas of financing and investments

The MoU was signed by Ayman Amin Sejiny, CEO of ICD and Mohamed Zaki El Sewedy, chairman of the Federation of Egyptian Industries.

Under the terms of the MoU, the two parties will co-operate in exploring the possibility of supporting the introduction of ICD’s programmes to FEI member enterprises in Egypt. The areas of cooperation include encouraging local and cross border investments, introduction of ICD’s programmes related to SMEs, women and young entrepreneurs, disseminating information about ICD’s activities in Egypt and/or any other Islamic countries to share experiences and facilitating Egyptian enterprises with different support mechanisms delivered by ICD to penetrate new markets from IsDB members, whether at the level of investment and/or financing.

“Egypt is a key strategic member country for ICD and we hope, via this partnership, we will increase our presence in Egypt. This MoU will greatly enhance the development of an alternative investment market in Egypt and facilitate economic development resulting in a robust private sector. As such, this partnership perfectly suits the long-term goals of the ICD, and we are happy to be working with FEI toward the achievement of this worthy cause,” commented Sejiny. 

“We are delighted to bring our support to ICD. This MoU will help Egypt, as a key member country of the ICD, to address its industrial challenges. In addition, it will be a step towards strengthening and deepening our further collaboration in context of development of the economy of Egypt and enabling big industrial corporation access to finance,” said El Sewedy. 

Both parties recognise the growth potential and investment opportunities in ICD member countries and intend to cooperate and work closely together in raising  awareness of the Egyptian enterprises under FEI member chambers about the different programs under ICD and other investment opportunities or transactions of mutual interest to both parties.

 

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