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Saturday, May 25, 2024

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Islamic Corporation for the Development of the Private Sector signs multiple sustainable development partnerships

GLOBAL: The Islamic Corporation for the Development of the Private Sector (ICD) has signed multiple sustainable development partnerships on the sidelines of the 2023 IsDB Annual Meetings, a statement confirmed.

Notably, the partnership agreements include an MoU with Power Cement to extend financial and technical support to Power Cement for its alternative fuel program; an agreement with OCP Africa to potentially finance projects to promote food security and sustainable socioeconomic development across Africa; as well as a US$30 million line of financing facility to Al Baraka Bank Egypt, which aims to address the financing needs of private sector clients with a specific focus on green environmental projects.

The ICD also entered into partnership agreements with Ithmar Capital, Capital Trust as well as a tripartite agreement with Al Salam Bank Algeria and the International Islamic Trade Finance Corporation.

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