Spring into Action with ICD Rewind: March Edition

SUSTAINABLE DEVELOPMENT TAKES CENTER STAGE AT IDFC SHERPA MEETING AND HIPSO ANNUAL MEETING

IDFC Sherpa meeting in Jeddah: a milestone for sustainable development

The Islamic Corporation for the Development of the Private Sector (ICD) was honored to host the first IDFC Sherpa meeting of 2023 in Jeddah, Saudi Arabia, on March 1st and 2nd. The meeting was a hybrid event that gathered 26 members from different regions and sectors to exchange ideas and best practices on how to promote and leverage sustainable development investment worldwide. The acting CEO of ICD, Eng. Hani Salem Sonbol, welcomed the participants and set the tone for a productive and insightful discussion on various topics, such as SDG alignment, cooperation for development, gender equality, climate finance, and biodiversity finance. The meeting was an inspiring and informative event that showcased the diversity, creativity, and resilience of the sustainable economy and paved the way for future collaboration among the members. We would like to thank all of our partners and attendees for their contribution to this exceptional event and we look forward to continuing this important dialogue and working together to create a brighter future for all.

HIPSO Annual Meeting Highlights Importance of Measuring Impact of Private Sector Operations

Around 150 colleagues from major multilateral and bilateral development finance institutions (DFIs), impact investors, and other organizations gathered for the HIPSO annual meeting in London to discuss how to better measure, evaluate, and report the impact of private sector operations. The event was co-hosted by the Islamic Corporation for the Development of the Private Sector (ICD), which shared their updated Development Scoring Model. The meeting was a great success and attracted a diverse group of attendees from various sectors, with IFC supporting as the HIPSO Secretariat. The event highlights the importance of collaboration and innovation in measuring and evaluating the impact of private sector operations.

ICD'S ALGERIA VISIT STRENGTHENS ISLAMIC FINANCE AND ENERGY PARTNERSHIPS FOR ECONOMIC GROWTH

ICD strengthens Islamic Finance presence and partnerships in Algeria

ICD’s Acting CEO, Eng. Hani Salem Sonbol, visited Algeria and met with the leaders of two prominent banks: Bank Nationale D’Algerie (BNA Algérie) and Credit Populaire Algeria (CPA). During these meetings, ICD expressed its interest in expanding its operations in Algeria and the region, and discussed potential collaborations and strategic partnerships with the banks. ICD also highlighted its track record of supporting leading financial institutions in regional and international expansion through Islamic Finance products. The meetings were productive and offered a great opportunity for fruitful discussions and future cooperation.

ICD and Sonatrach explore cooperation opportunities in the energy sector

?In March 2023, ICD’s Acting CEO, Eng. Hani Salem Sonbol, visited Algeria and met with the CEO of Sonatrach , Mr Toufik HAKKAR.?Sonatrach is the national state-owned oil company of Algeria and the 12th largest oil consortium in the world. The two parties discussed avenues of cooperation to explore opportunities in the energy sector and support strategic projects in Algeria. ICD expressed its readiness to partner with Sonatrach to make this possible. The meeting was an important step towards building a successful partnership between ICD and Sonatrach. The collaboration will open up new possibilities in the energy sector and provide benefits to both parties.

ICD and BEA discuss partnership and support for Algerian SMEs

ICD’s Acting CEO, Eng. Hani Salem Sonbol, and his team visited Banque Extérieure d'Algérie (BEA) to explore opportunities for partnership and support.?BEA is a commercial bank established in 1967 that provides financial services to various sectors in Algeria. During the visit, Eng. Sonbol had a productive meeting with Mr. Lazhar Latreche, CEO of BEA, where they discussed ways to provide line of financing and support to Algerian SMEs. As a leading institution in Islamic finance, ICD also offered to share its expertise in this growing sector in Algeria. We believe that this collaboration between ICD and BEA will help drive economic growth and development in Algeria, and we are excited to explore further opportunities to work together in the future.

ICD and Bank of Algeria discuss ways to support and develop the private sector and SMEs

ICD’s Acting CEO, Eng. Hani Salem Sonbol, met with the Governor of the Bank of Algeria ??? ??????? , Mr Salah Eddine TALEB, to discuss ways to support and develop the Algerian private sector and SMEs, which are critical engines of growth and job creation.?The Bank of Algeria is the central bank of Algeria, established in 1962 to regulate the banking sector and implement monetary policy. During the meeting, Eng. Hani expressed ICD’s readiness to partner with leading financial institutions in Algeria to promote financial inclusion, improve access to finance, and provide innovative financial solutions to support the private sector and SMEs. In addition, ICD could intervene directly in key sectors/industries and finance infrastructure projects to enable job creation and catalyze the country’s development.

ICD CEO ENGAGES IN BILATERAL MEETINGS WITH KEY MOROCCAN INSTITUTIONS FOR ECONOMIC PROSPERITY

ICD CEO Engages in Bilateral Meeting with IsDB Governor of Morocco

Eng. Hani Salem Sonbol, acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD) and CEO of the International Islamic Trade Finance Corporation (ITFC), met with H.E. Mrs. Nadia FETTAH Alaoui, IsDB Governor and Minister of Economy and Finance, during his visit to Morocco. The meeting discussed potential areas of collaboration between ICD/ITFC and the IsDB group, emphasizing the importance of supporting private sector development and promoting sustainable and inclusive growth in the region. The visit underscores the strong partnership between ICD/ITFC and the Kingdom of Morocco in driving economic growth and prosperity.

ICD CEO meets with ONHYM Director General to discuss collaboration with IsDB Group

Eng. Hani Salem Sonbol, Acting CEO of ICD and CEO of ITFC, met with Mrs. Amina Benkhadra, General Director of ONHYM - National Office of Hydrocarbons and Mines , during his visit to Morocco. The meeting focused on supporting Morocco's economic and social development, ONHYM's key role in the Kingdom's mining and energy sectors, and opportunities for collaboration between ICD/ITFC and ONHYM. The visit marks another step forward in the longstanding partnership between ICD/ITFC and the Kingdom of Morocco, and reinforces the organizations' shared commitment to advancing economic growth and prosperity in the country and the wider region.

ICD/ITFC and SGTM Explore Areas of Collaboration for Economic Growth in Morocco

Eng. Hani Salem Sonbol, acting CEO of ICD and CEO of ITFC, met with Mr. Hamza Kabbaj, General Director of SGTM, to explore potential areas of collaboration related to financing and investment in infrastructure and energy projects. This meeting highlights the shared commitment of ICD/ITFC and SGTM to advancing economic growth and prosperity in Morocco.

ICD/ITFC CEO Explores Collaboration Opportunities with Capital Trust Group (CBT) CEO in Morocco

Eng. Hani Salem Sonbol, acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD) and CEO of the International Islamic Trade Finance Corporation (ITFC), met with Ms. Lamia Boutaleb, CEO of Capital Trust Group (CBT), to discuss potential areas of collaboration in Morocco. The meeting covered investment opportunities and strategies for supporting sustainable economic growth in the country. The discussion marks another step forward in the partnership between ICD/ITFC and CBT and demonstrates the importance of collaboration between private sector organizations to achieve shared goals.

ICD CEO meets with Al Akhdar Bank CEO to discuss partnership and support for SMEs in Morocco

Eng. Hani Salem Sonbol, Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD) and CEO of the International Islamic Trade Finance Corporation (ITFC), met with Mr. Nizar Amrani, CEO of AL AKHDAR BANK , to discuss their ongoing partnership and to congratulate the bank on their efforts to diversify their portfolio and deposit market shares. The meeting emphasized ICD's commitment to supporting Al-Akhdar Bank's goal of becoming the leading Islamic banking institution in Morocco while also promoting SMEs and private sector development. The discussions highlighted the importance of collaboration between ITFC, ICD, and Al Akhdar Bank in driving economic growth, financial inclusion, and sustainable development in Morocco.

ICD and Ithmar Capital discuss common development goals and build partnerships

Eng. Hani Salem Sonbol, Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD) and CEO of the International Islamic Trade Finance Corporation (ITFC), had a meeting with Mr. Obaid Amrane, CEO of Ithmar Capital , to discuss their shared development objectives and build partnerships. The meeting focused on the potential for a strong partnership among ITFC, ICD, and Ithmar Capital to support sustainable development in Morocco, with a particular focus on the potential for private sector development in areas such as infrastructure, energy security, digital access, and food security. The discussions aimed to foster long-term developments by unlocking the potential of the private sector in these areas.

ICD and OCP Africa discuss collaboration to enhance food security in Africa.

During the meeting, the CEO of ICD and the CEO of OCP AFRICA discussed the potential for collaboration between their institutions to enhance food security in countries of mutual interest in Africa. Eng. Hani Sonbol commended OCP Africa for their efforts towards a green Africa and their goal of becoming carbon-neutral by 2040. He also expressed ICD's commitment to supporting infrastructure development, green energy, investments, and food security projects in Africa, especially through PPP mechanisms and Lines of Finance with local partner banks. The meeting highlighted the importance of cooperation in achieving shared goals in promoting sustainable development in Africa.

ICD EXPANDS PARTNERSHIP WITH UZBEKISTAN'S PRIVATE SECTOR: USD 55 MILLION COMMITTED TO FUEL ECONOMIC GROWTH

ICD and Aloqabank sign USD 30 Million Line of Finance Agreement to support private sector development in Uzbekistan

ICD and AloqaBank have signed a USD 30 Million Line of Finance Agreement to support private sector businesses, especially SMEs, in Uzbekistan. This is the second Line of Finance facility extended by ICD to Aloqabank, reflecting the strong partnership between the two institutions in promoting Islamic finance and enhancing financial inclusion in the country. The funds will enable Aloqabank to finance six projects across different sectors of the economy, contributing to the overall development and job creation in Uzbekistan. We are thankful for the cooperation of Aloqabank and their commitment to driving economic growth and fostering financial inclusion in Uzbekistan.

ICD signs $25 million agreement to support private sector businesses in Uzbekistan

ICD signs $25M Line of Finance Agreement with Turonbank to support private sector businesses, especially SMEs, in Uzbekistan. This is ICD's second partnership with Turonbank and highlights their commitment to promoting private sector development in member countries and supporting Islamic finance worldwide. The funds will be used to enhance financial inclusion, promote Islamic finance, and support private sector development across different sectors of the Uzbekistan economy. This partnership will create jobs and promote financial inclusion, contributing to the overall socio-economic development of the country.

ICD STRENGTHENING GLOBAL TIES: DISCUSSES PARTNERSHIP OPPORTUNITIES WITH BURKINA FASO AND TüRKIYE

ICD Meets with IsDB Governor for Burkina Faso to Discuss Partnership Opportunities

ICD welcomed H.E Dr. Aboubakar NACANABO, the IsDB’s Governor for Burkina Faso, at its office in Jeddah. The meeting was attended by Eng. Hani Salem Sonbol, the Acting CEO of ICD and CEO of International Islamic Trade Finance Corporation (ITFC) , as well as the management teams of both institutions. They discussed how to enhance cooperation with the private sector players in Burkina Faso, especially in the areas of economic recovery from Covid-19, infrastructure development, clean and affordable energy, and food security. ICD has already extended EUR 40 Mn LoF facility to Coris Bank International Burkina Faso and Fidelis Finance under its Covid Support facility. ICD also expressed its readiness to explore opportunities for co-financing infrastructure projects in key sectors. The meeting was a fruitful one that reaffirmed the strong partnership between ICD and Burkina Faso.

ICD and MUSIAD Strengthen Partnership to Support Private Sector Development

ICD hosted a delegation from MüS?AD to explore collaboration opportunities for financing and providing insurance to Turkish companies and contractors operating overseas. The partnership aims to promote trade, investment, innovation, and sustainability among member countries and better lives through impact.

ICD Hosts Delegation from Türkiye to Discuss Islamic Finance Industry Growth

ICD recently hosted a delegation from Türkiye led by Mr. Osman ?EL?K, Chairman of Participation Banks Association of Turkiye (TKBB), and including senior executives from six participation banks, and Mr. ?smail VURAL, Acting Secretary General of TKBB. Discussions focused on promoting the growth of the global Islamic finance industry, including infrastructure development and investment opportunities in the private sector. The visit highlighted the strong relationship and commitment between ICD and our partners in Türkiye towards promoting economic growth in the region.

ICD AND ASIA ALLIANCE BANK WIN PRESTIGIOUS IFN AWARD FOR DRIVING GROWTH IN UZBEKISTAN'S PHARMACEUTICAL INDUSTRY

ICD and Asia Alliance Bank Win IFN Emerging Islamic Markets Deal of the Year Award

ICD, in collaboration with AAB , has won the IFN Emerging Islamic Markets Deal of the Year award for their exceptional work on River Med Pharm's US$4 million financing in Uzbekistan. The deal supports the country's efforts to increase domestic capacity in the pharmaceutical industry and reduce dependence on foreign manufacturers. Congratulations to Askar Baimuldin, CSAA from ICD, who received the trophy during the IFN Award ceremony. ICD remains committed to promoting Islamic finance and driving economic growth in partner countries alongside key market players like Asia Alliance Bank.