RSS   Newsletter   Contact   Advertise with us

IDB, Afreximbank to develop private sector

Staff writer ▼ | March 12, 2015
The Islamic Development Bank Group (IDB) has signed an agreement with the African Export-Import Bank (Afreximbank) to develop the private sector in ICD member countries in Africa.
Africa   Private sector development in ICD affected countries
This is contained in an Afreximbank statement issued in Lagos, recently. The statement said that CEO and General Manager of ICD Khaled Al Aboodi, and President and Chairman of the Board of Directors of Afreximbank, Jean-Louis Ekra, signed the agreement on behalf of their respective institutions.

The agreement was signed in Manama, the capital of Bahrain. According to the statement, the agreement will be handled by the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the IDB.

It said that the two institutions would 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.

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.

It added that the agreement also covered exploration of opportunities for cooperation in financing projects in the construction, energy, manufacturing and leasing sectors in African countries.

It quoted Aboodi as saying that "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".