Under
the terms of the agreement signed in Manama, Bahrain, 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.
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.
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. Mr.
Khaled Al Aboodi, CEO of ICD, commented: “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.”
“We
are greatly encouraged at this opportunity to collaborate with ICD in
growing the African private sector. ICD’s leadership and experience in
promoting the establishment, expansion, and modernisation of private
enterprises, complements Afreximbank’s longstanding commitment to using
the private sector as the growth engine in achieving its mandate of
promoting and financing intra and extra- African trade,” said Jean-Louis
Ekra, President of Afreximbank.
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