IsDB Group Annual Meetings: Concluding with Impactful Agreements and Strategic Advances

As the IsDB Group Annual Meeting progressed into its third and fourth days, the Islamic Corporation for the Development of the Private Sector (ICD) reached a significant milestone by signing 13 groundbreaking agreements, emphasizing our ongoing commitment to drive economic growth and enhance private sector initiatives across our member countries.

Strategic Leadership Engagements: Paving the Way for Economic Growth in Africa

The closing days of the meetings were marked by strategic dialogues, including a significant discussion with the Governor of Guinea. Our gross approvals, as of Q1 2024, stand at USD 14.6 million, underscoring our commitment to fostering economic development in Africa, a region we view as a priority due to its immense potential for robust private sector growth.

#ICD #Guinea #EconomicDevelopment

Further exciting developments unfolded as ICD convened with the President of BOAD, the West African Development Bank. Looking ahead, ICD intends to extend €100 million Line of Finance to BOAD, aiming to further enhance financial inclusivity and support sustainable economic growth in the region.

#ICD #BOAD #FinancialCollaboration #EconomicDevelopment

In addition to our strategic discussions with regional leaders, ICD recently engaged in a significant dialogue with representatives from the Japan Bank for International Cooperation (JBIC). This meeting underscored the growing importance of fostering international collaborations to address global economic challenges.

#ICD #JBIC #GlobalPartnership #EconomicDevelopment #InfrastructureFinance

A Testament to Strategic Partnerships

These agreements, signed amid the golden jubilee celebrations of the Group, ranged from enhancing financial access in Togo to bolstering private sector enterprises in the GCC and Asia, reflecting ICD's holistic approach to sustainable economic development.

Key Highlights from the Agreements:

ECOWAS and Togo

• EUR 20 Million Line of Financing Facility with ECOWAS Bank for Investment and Development (EBID): Enhancing EBID's capacity to finance a spectrum of private sector projects in the ECOWAS region.

Banking Partnerships in Togo

• Memorandum of Understanding (MoU) with Coris Bank of Togo: To enhance the bank's ability to support SMEs.

West African Financial Support

• MOU with Banque Sahélo-Saharienne pour l’Investissement et le Commerce (BSIC) Group: For a proposed USD 30 million Line of Finance Facility to support private sector enterprises in the WAEMU region.

Strengthening Financial Sectors in Nigeria and The Gambia

• MOU with Jaiz Bank PLC of Nigeria: Exploring Additional Tier 1 Capital and regional expansion opportunities.

• MOU with AGIB Bank Limited of The Gambia: Collaboration to support AGIB's local and regional expansion, particularly in digital infrastructure and food security.

Enhancing Credit and Infrastructure in Africa

• MOU with Fonds De Solidarite Africain (FSA) of Niger: Exploring credit enhancement coverage for Line of Finance facilities in Africa.
• Addendum with Africa Finance Corporation: To co-invest in climate-resilient infrastructure projects.

Collaborations in Maldives for Broad Sector Investments

• Two Memorandums of Understanding with the Ministry of Finance of Maldives: To explore investment and financing opportunities in various sectors, including the establishment of an Islamic Bank in the Republic of Uzbekistan.

Supporting Financial Institutions in Bangladesh and Maldives

• MOU with BD Finance Bangladesh Limited: To aid BD Finance's transition into a fully-fledged Islamic Financial Institution and explore investment opportunities.

• MOU with Maldives Islamic Bank: To explore equity investments and potential investment opportunities.

Expanding SME Support in the GCC

• Letter of Intent with Al Salam Bank of Bahrain: For a proposed USD 50 million Line of Finance facility.
• MOU with the National Development Fund of Saudi Arabia: To identify Shari’ah compliant investments and financing opportunities within infrastructure projects.

Highlight Event: Sustainable Infrastructure Financing - Insights from Saudi Arabia & Emerging Markets

We hosted a critical forum at the IsDB Group Annual Meetings, focusing on "Sustainable Infrastructure Financing: Insights from Saudi Arabia & Emerging Markets." This event highlighted innovative sustainable practices, primarily showcasing NEOM, and discussed the role of strategic partnerships in advancing infrastructure projects across emerging markets.

Key Highlights:

• NEOM as a Model: Presented as a blueprint for future smart cities, NEOM exemplified cutting-edge sustainable urban development.
• Expert Contributions: Led by experts like Eng. Hani Sonbol, Dr. Mahmoud Mohieldin , Eng. Rayan Fayez , Abdullah Abobakr and Hesham Tashkandi , the forum stressed the need for innovative financing aligned with the SDGs.
• Strategic Dialogues: Emphasized public-private partnerships essential for sustainable infrastructure development.

Outcomes:

• The forum set the stage for future collaborations and provided actionable guidelines for sustainable infrastructure financing.

?? Watch the Recording

Thank you to all the speakers, moderator Mohammed Alyami, PhD and participants who contributed to the success of this event. We look forward to fostering these discussions in our future initiatives.

#SustainableDevelopment #InfrastructureFinancing #IsDBAM50 #ICD #NEOM

Discover the ICD Annual Report 2023: Empowering Prosperity Across Our Member Countries

We are pleased to announce the release of the ICD Annual Report 2023, now available in English, French, and Arabic. This year’s theme, "Empowering Prosperity: Bridging Finance for Inclusive Growth and a Sustainable Future," encapsulates our commitment to leveraging Islamic finance to drive meaningful economic development.

Highlights of the Annual Report:

• Multilingual Availability: Access the report in your preferred language, enhancing understanding and accessibility for our diverse global audience.
• Interactive Microsite: Explore the report on a dedicated microsite designed for an engaging, user-friendly experience that allows you to easily navigate, download, and share the content.
• Animated Overview: Watch the animated videos on our YouTube channel, providing a dynamic and concise summary of our key achievements and impact.

Explore and Engage: Dive into the pages of our annual report to understand the detailed activities and significant successes of the past year. Your insights and feedback are invaluable to us as we continue to enhance our initiatives and communications.

Visit the microsite and watch the video: Explore the Annual Report

This report is not just a testament to what we have achieved but also a beacon guiding us toward future opportunities and challenges. Join us in celebrating our accomplishments and contributing to our journey forward.

#ICDAnnualReport #EmpoweringProsperity #IslamicFinance #SustainableDevelopment #ICD

As we conclude the 50th annual meeting, these agreements and the release of our annual report underscore our relentless drive to initiate and sustain economic growth through strategic collaborations. We are poised to continue this journey, leveraging a half-century of insights and partnerships to enhance our global impact.

Stay Engaged

For more insights into our initiatives and to view the signing ceremonies, visit our website and stay connected through our updates.

?? Visit us for more information: ICD Official Website

#IsDBAM50 #EconomicGrowth #Partnership #SustainableDevelopment #ICD