ICD is offering its expertise in implementation of R2 “Restore Program” COVID-19 Support in the area of Line of Finance transactions
Jeddah, Kingdom of Saudi Arabia: H. E. Dr Bandar Hajjar, the President of the Islamic Development Bank Group (IsDBG) and Mr. Ayman Amin Sejiny, the CEO of the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of IsDBG, signed an Agency Agreement for the implementation of IsDB Group’s R2 COVID Support Package, which will assist IsDBG member countries to restore their economies and recover from the impact resulting from the COVID-19 pandemic.
The Agency Agreement is a manifestation of H.E. the President’s vision to improve intra-group collaboration and create room for cooperation with other MDBs and IFIs. It is also in line with ICD’s new strategic direction which gives utmost importance to synergy and partnership with other IsDB Group Entities and other MDBs.
In accordance with the Agency Agreement, ICD is offering its expertise in implementation of R2 “Restore Program” COVID-19 Support in the area of Line of Finance transactions. ICD will further strengthen its relationship with governments of the member countries, which will open doors for future cooperation opportunities and policy dialogues for the promotion of Islamic Finance/Banking and support private sector development and job creation. Moreover, where possible, ICD will mobilize additional resources from the market leveraging on its network and syndication skills.
On this occasion H.E Dr Bandar stated: “Today, we set the tone for a new type of intra-group cooperation beyond the IsDB’s R2 program. By agreeing on a clear accountability framework assigning roles and responsibilities between IsDB and ICD, we are on the path of mainstreaming group synergies, which will help us go beyond our limits. As the private sector arm of the Islamic Development Bank Group, ICD will continue to make important contribution to the development of SMEs sector in our member countries through dedicated line of finance facilities”.
Mr. Sejiny commented: “We consider this initiative an important milestone in intra-group collaboration and expansion of our partnership with member countries, MDBs, IFIs and a wider community of private sector businesses as the backbone of sustainable growth. The successful implementation of this Agency Agreement will help us to introduce many other initiatives on the same platform.”
About the Islamic Corporation for the Development of the Private Sector (ICD):
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies, and encouraging cross border investments. ICD is Rated A2’ by Moody’s, ‘A-’ by S&P and, A+ by Fitch. ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive.
About the Islamic Development Bank (IsDB):
The Islamic Development Bank is a multilateral development bank (MDB), working to improve people’s lives by promoting social and economic development in Member countries and Muslim communities worldwide, delivering impact at scale.
Through collaborative partnerships between communities among our 57 member countries (MCs), we seek to equip people and communities to drive their own economic and social progress at scale, putting the infrastructure in place to enable them to fulfil their potential.
The Bank’s New Business Model of “Making Markets Work for Development” contributes to strengthening the competitiveness of our MCs in strategic industries for better participation and upgrading within the Global Value Chains. These are the food and agribusiness industry, the textiles, clothing, leather, and footwear industry, the petrochemicals and petroleum industry, the construction industry, and Islamic finance.
We also foster innovative and sustainable solutions to the world’s greatest development challenges, leveraging the potential of Science, technology and innovation as strategic drivers of economic growth, as we work towards the UN Sustainable Development Goals.