The ICD settles in Benin and Mali

Jan 11, 2013

The Islamic Corporation for the Development of the private sector (ICD) is coming to Benin and Mali, following lengthy negotiations with the countries' authorities.

The Islamic Corporation for the Development of the private sector (ICD) is coming to Benin and Mali, following lengthy negotiations with the countries' authorities.

This launch follows the signing of an agreement with AGF on December 9th at its Jeddah headquarters, in a bid to expand into Sub-Saharan Africa.

The aim is to facilitate the development of these countries by offering finance to the private sector, while following the principles contained in the Sharia, according to the ICD's official website.

The projects in which the ICD gets involved are chosen after a thorough process of consultation with local entities.

Last november, Khaled M. Al-Aboodi, CEO of the ICD, met the Guinean President Alpha Condé in order to discuss plans for the country and how the ICD's help could be maximised.

The ICD's mission is to stimulate development but also to provide guidance, in particular how to « encourage the involvement of other investors from the Islamic Uma », Lounsény Nabé, the Governor of the Guinean Central Bank, highlighted.

The organisation, established in 1999, has branches in Senegal, Niger and Guinea.

The ICD is a member of the Islamic Development Bank (IDB), which cooperates with the Bill and Melinda Gates Foundation. It has an authorised capital of two billion dollars and counts amongst its shareholders 51 countries and five financial institutions.

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