ICD and Afreximbank to cooperate in private sector development in Africa
They will promote Islamic finance in ICD member countries.The Islamic Corporation for the Development of the Private Sector (ICD) has signed an agreement with the African Export-Import Bank (Afreximbank) to develop the private sector in ICD member countries in Africa.
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 in ICD affected countries.
They will share information on projects as well as business and investment opportunities in Africa, the two institutions said in a joint-press release.
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.
In addition, they will exchange information aimed at upgrading knowledge and expertise about Islamic finance, environmental assessment, project finance and advisory services.
The agreement also covers exploration of opportunities for cooperation in financing projects in the construction, energy, manufacturing and leasing sectors in African countries.
ICD member countries in Africa include Uganda, Cameroon, Chad, Gabon, Gambia, Guinea, Mozambique and Senegal.