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Islamic Corporation for the Development of the Private Sector (ICD) Signs Letters of Intent for Line of Finance Facilities with Uganda Development Bank Limited and Afreximbank

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2 years ago

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Islamic Corporation

The line of finance facilities aim at fostering economic growth and development in Uganda and across the common member countries of ICD and Afreximbank

Riyadh, Saudi Arabia, May 8, 2024/APO Group/ — 

The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org) signed two significant Letters of Intent for a total of USD 150 Million Line of Finance facilities  with Uganda Development Bank Limited (“UDBL”) and the African Export–Import Bank (“Afreximbank”). The line of finance facilities aim at fostering economic growth and development in Uganda and across the common member countries of ICD and Afreximbank.

In the first Letter of Intent signed with UDBL, ICD is seeking to provide a Shariah compliant Line of Finance facility worth USD 40 million to UDBL for the purpose of onward financing and support to private sector enterprises, including Small and Medium Enterprises (SMEs), in the Republic of Uganda.

In the second Letter of Intent signed between ICD and Afreximbank, the parties agreed to explore the possibility of a proposed Sharia Compliant Syndicated Line of Financing facility of up to USD 100 Million to be arranged by ICD for Afreximbank on strictly best effort basis. The facility will be used by Afreximbank, under its second strategic pillar, (facilitation of Industrialization and Export Development), for onward financing of eligible private sector projects in the common member countries of ICD and Afreximbank.

These agreements signify ICD’s commitment to supporting economic development and fostering entrepreneurship in Uganda and across Africa by providing much needed financing to eligible private sector enterprises and deepening partnerships with key financial institutions in Africa like UDBL and Afreximbank.

The 2024 Annual Meetings of the Islamic Development Bank (IsDB)  Group stand as a pivotal moment in the organization’s history, marked by a theme encapsulating its five-decade journey of fostering socio-economic development: “Cherishing our Past, Charting our Future: Originality, Solidarity, and Prosperity.”

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

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Business

6th Canada-Africa Business Conference Opens in Lagos, Headline Sponsored by Zenith Bank Plc

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4 minutes ago

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June 25, 2026

By

Ateau Zola

Zenith Bank CEO Dame Dr. Adaora Umeoji welcomes delegates as Canada and Africa’s private-sector leaders gather to advance trade, investment and partnership

LAGOS, Nigeria, June 24, 2026/APO Group/ –The Canada-Africa Chamber of Business (www.CanadaAfrica.ca) today opens the 6th Canada-Africa Business Conference in Lagos, Nigeria, headline sponsored by Zenith Bank Plc, bringing together senior decision-makers from Canada, Nigeria and across African markets for two days of trade and investment engagement.

In his message (https://apo-opa.co/43TPktb) to delegates, Canada’s Prime Minister Mark Carney proudly offered his warmest greetings to delegates: “As we gather today, I would like to recognize the Canada-Africa Chamber of Business for convening leaders from across Canada and Africa to advance investment, trade, and partnership—connecting businesses and institutions to drive practical collaboration and shared growth.”

Canada’s Minister of International Trade, Hon. Maninder Sidhu underscored the vital importance of the program to accelerate trade and investment:

““Nigeria is Canada’s second largest merchandise trading partner in Africa, with bilateral trade exceeding close to $3 billion in 2025—and there is enormous potential to grow that relationship even further, including in financial services, infrastructure, energy, critical minerals, agriculture and clean tech.”

“Canada is committed to working with our Nigerian partners to attract investments, strengthen supply chains, and create good jobs and new opportunities in both our countries. The relationships built at this conference will help move that work forward, they will lead to new partnerships, new investments, and new opportunities for our people.”

— Hon. Maninder Sidhu, Minister of International Trade, Canada

The conference is designed as a practical platform for business leaders, investors, policymakers and institutional partners to identify opportunities, build relationships and advance commercial partnerships across sectors including financial services, infrastructure, energy, mining, agriculture, clean technologies and the wider innovation economy.

“On behalf of the Board, Management and Staff of Zenith Bank Plc, I extend a very warm welcome to all delegates attending the 6th Canada-Africa Business Conference in Lagos, Nigeria. As headline sponsor, we are honoured to enable the hosting of this this distinguished gathering in our home city, the commercial heartbeat of Africa.”

The relationships built at this conference will help move that work forward, they will lead to new partnerships, new investments, and new opportunities for our people

— Dame Dr. Adaora Umeoji, OON, Group Managing Director/Chief Executive Officer, Zenith Bank Plc

In her conference message, Dame Dr. Umeoji commended The Canada-Africa Chamber of Business for convening senior decision-makers from across Canada and Africa to advance trade, investment and partnership, while also recognizing the Government of Canada’s commitment to deepening commercial ties with Nigeria and the wider continent.

“The opportunity before us is substantial. Nigeria is Canada’s second-largest merchandise trading partner in Africa, with growing demand across financial services, infrastructure, energy, mining, agriculture and clean technologies.”

— Dame Dr. Adaora Umeoji, OON, Group Managing Director/Chief Executive Officer, Zenith Bank Plc

Zenith Bank’s participation underscores the importance of financial platforms, trade finance, treasury solutions and corporate and investment banking expertise in turning Canada-Africa relationships into bankable opportunities.

“Our commitment extends well beyond this conference: to every partnership that creates jobs, builds infrastructure and drives shared growth, innovation and sustainable prosperity between our two nations.”

— Dame Dr. Adaora Umeoji, OON, Group Managing Director/Chief Executive Officer, Zenith Bank Plc

“Lagos is an ideal setting for this next chapter of Canada-Africa engagement. With Zenith Bank as headline sponsor, the Chamber is proud to convene a program that showcases Nigerian excellence, Canadian ambition and the commercial partnerships that can serve global markets.”

— Garreth Bloor, President, The Canada-Africa Chamber of Business

In addition to Zenith Bank Plc as Conference Headline Sponsor, the conference is supported by Elephant Trade-Services DRC as Headline Chamber Sponsor, GardaWorld Security as Gold Conference Sponsor, and Silver Conference Sponsors Banwo & Ighodalo, Baywood Group, CBI News, Dentons, Eko Hotels & Suites, and Voranex Africa. The Government of Canada is recognized as Chamber Partner, with Abide Consulting serving as Conference Partner.

The two-day program includes keynote addresses, interactive panels, executive networking and business-to-business engagement, with a focus on practical outcomes for Canadian and African companies seeking growth, market access and long-term partnership.

Distributed by APO Group on behalf of The Canada-Africa Chamber of Business.

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Energy

Uganda’s $500B Growth Ambition Puts Mining Reform and Critical Minerals in Focus at African Mining Week (AMW) 2026

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6 minutes ago

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June 25, 2026

By

Etu Energias

African Mining Week will connect Ugandan stakeholders with global investors, fostering discussions on the future of mining in the East African country

CAPE TOWN, South Africa, June 24, 2026/APO Group/ –As Uganda accelerates its Ten-Fold Growth Strategy aimed at expanding its economy from $59.3 billion to $500 billion by 2040, the African Mining Week (AMW) 2026 conference will serve as a key platform to connect the country’s mining sector with global capital and technical partners.

 

AMW 2026 – scheduled for October 14-16 in Cape Town – will feature a dedicated Uganda Country Spotlight, showcasing emerging investment opportunities across the mining value chain as well as ongoing regulatory reforms designed to improve the country’s investment climate.

AMW comes as a critical time for Uganda as the country advances its Mining and Minerals (Amendment) Bill 2026 to improve investor protections, licensing efficiency, local content participation and the mining sector’s contribution to GDP. The country spotlight offers a platform for Ugandan authorities to pitch global investors on streamlined licensing, new incentives and emerging investment prospects.

Uganda is also finalizing preparations for its 2026/2027 oil and mineral exploration licensing round, designed to unlock new greenfield opportunities across the critical mineral sector. AMW will highlight emerging investment opportunities in cobalt, copper, iron ore, graphite, and rare earths as Uganda prioritizes critical minerals to achieve 8% annual economic growth through 2030.

In the gold sector, Uganda is advancing formalization and industrialization initiatives, integrating artisanal and small-scale miners (ASGM) – who account for 90% of gold production – into the formal economy. The launch of three-year Domestic Gold Purchase Program and the commissioning of the Wagagai Gold Project and refinery reinforces Uganda’s strategy to boost local value addition and strengthen its gold industry ecosystem.

The Uganda Country Spotlight at AMW 2026 will convene regulators, project developers, mining companies, financiers and global service providers to shape the future trajectory of Uganda’s mining sector.

Distributed by APO Group on behalf of Energy Capital & Power.

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Events

HKSTP Leads Largest-Ever Hong Kong Delegation to BIO 2026 Showcasing Life and Health Tech Strength

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8 minutes ago

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June 25, 2026

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Hong Kong

41 local tech firms, institutes and university spin-offs head to San Diego to forge global partnerships, reinforcing the city’s status as international healthcare innovation hub
HONG KONG SAR/SAN DIEGO, UNITED STATES – Media OutReach Newswire – 24 June 2026 – Hong Kong Science and Technology Parks Corporation (HKSTP), in collaboration with InvestHK as co-organiser, the Hong Kong Trade Development Council (HKTDC) as supporting organisation, and five renowned local universities – The University of Hong Kong, The Chinese University of Hong Kong, The Hong Kong University of Science and Technology, The Hong Kong Polytechnic University and City University of Hong Kong – to form the city’s largest-ever delegation of life and health technology innovators to the BIO International Convention 2026 (BIO 2026) in San Diego, from June 22 to 25.

Building on last year’s momentum, the 2026 Hong Kong delegation doubled the size of the Hong Kong Pavilion, expanding to a record of 41 organisations from HKSTP, including partner companies, research institutes, and for the first time with top five universities spin-offs. This landmark presence showcased Hong Kong’s deep strength across AI-enabled biotech, therapeutics, diagnostics, and pharma innovation, with potential outstanding “First-in-Class” and “Best-in-Class” assets. The delegation underscores the city’s leading role as Asia’s largest and the world’s second largest fundraising hub for the biotechnology sector.

Mr. Terry Wong, CEO of HKSTP, said, “BIO 2026 is a premier platform to showcase Hong Kong’s groundbreaking innovation, deepen partnerships, and open new pathways into global healthcare markets. As a super-connector, Hong Kong is uniquely positioned to bridge global innovators with opportunities across Asia and beyond. With strong R&D capabilities backed by world-class universities—five ranked among the QS Top 100, including two with medical schools now placed in the global top 20—Hong Kong’s biotech and medical research excellence is increasingly recognised worldwide. As the city’s innovation ecosystem orchestrator, HKSTP brings together talent, capital, research institutions, clinical partners, and industry leaders to accelerate the journey from discovery to impact. We will continue to empower life and health technology ventures, translating innovation breakthroughs into life-changing solutions that benefit communities around the world.”

HKSTP and Park Companies Advanced in Cross-border Innovation and Market Expansion

A key highlight of BIO 2026 is witnessing the signing of three major strategic partnerships:

LabCentral — HKSTP signed an MOU with one of the largest global non-profit biotech incubators, supporting life sciences startups with high-impact lab infrastructure and scientific community programmes. The collaboration will deepen ties between the U.S. and Hong Kong life sciences ecosystems through startup support, ecosystem engagement, and co-developed programmes, events and strategic initiatives. It will also help connect startups, investors, corporate partners and research institutions, creating stronger pathways for cross-border innovation and commercialisation.

Immuno Cure – the developer of the first-in-human novel therapeutic HIV vaccine ICVAX – announced its collaboration with OPIS, an international Contract Research Organization (CRO), at BIO 2026. Leveraging OPIS’s full-service, multi-country clinical trial expertise and regulatory knowledge, the partnership will support overseas clinical trial execution and establish a global framework to prepare for international expansion.

Zhaoke Ophthalmology signed an MOU with Laboratório Teuto, the first company to produce generic medicines and OTCs (Over the Counter – Prescription Exempt Medicines) in Brazil, to explore cross-border cooperation in ophthalmology. This is Zhaoke’s first strategic MOU in Brazil market. Leveraging its innovative pipeline and Teuto’s commercial network in Brazil, the partnership aims to bring advanced eye care treatments to Latin American patients while demonstrating the globalisation of Hong Kong-born biotech innovation.

Beyond the BIO 2026 Hong Kong Pavilion, HKSTP CEO Mr Terry Wong attended the “Translating Innovation Across Borders: Creating Global Gateways for Biotech Startups” panel sharing session. Mr. Wong shared his insights on cutting-edge biotech trends, Hong Kong’s strengths on life and health tech development, and HKSTP’s role in building a global bridge for nurturing global startup expansion, sustainable innovation and collaboration.

Furthermore, HKSTP and five Hong Kong university delegates visited the Salk Institute, home to six Nobel Laureates during BIO 2026 to explore partnerships and shape global biotech momentum through collaborative platforms. HKSTP, in collaboration with InvestHK as co-organiser, HKTDC as the supporting organisation, and powered by the Hong Kong Economic and Trade Office in San Francisco, hosted a Global Mixer during the exhibition. Industry leaders, incubators, and venture capital firms – including Bayer Pharmaceuticals, Johnson & Johnson Innovation, LabCentral, Roche, Simcere Pharmaceutical, and T.Rx Capital – were invited to join the judging panel for startup pitching sessions. The Pavilion also featured executive sharing and curated networking events for commercialisation, licensing, partnerships, investment and international market expansion.

Global recognition at Biomedical Pitch Competition

In the lead-up to BIO 2026, HKSTP actively drove engagement across the biotech sector and co-organised the 2026 Biomedical Pitch Competition with the Boston Capital Investment Club in Boston on May 23 and 24. Competing against around 170 biotechnology companies worldwide, HKSTP park company Meta Pharmaceuticals (HK) Limited won Third Place for its next-generation autoimmune therapeutics. The recognition underscores the strength of Hong Kong’s biotech pipeline and HKSTP’s commitment to translational medicine, commercialisation and globally scalable healthcare solutions.

HK’s biotech ecosystem rises to another level

Hong Kong continues to expand its global healthcare footprint as the world’s second-largest biotech fundraising hub. As Hong Kong’s flagship innovation and technology ecosystem, HKSTP is home to more than 300 life and health technology companies and helps innovators turn pioneering ideas into real-world impact. Its ecosystem connects capital, talent, infrastructure and market access across the biotech innovation journey.

Hong Kong Science and Technology Parks Corporation
Hong Kong Science and Technology Parks Corporation (HKSTP) was established in 2001 to create a thriving I&T ecosystem grooming 13 unicorns, more than 17,000 research professionals and over 2,500 technology companies from 26 countries and regions focused on developing healthtech, AI and robotics, fintech and smart city technologies, etc.

Our growing innovation ecosystem offers comprehensive support to attract and nurture talent, accelerate and commercialise innovation for technology ventures, with the I&T journey built around our key locations of Hong Kong Science Park in Pak Shek Kok, InnoCentre in Kowloon Tong and three modern InnoParks in Tai Po, Tseung Kwan O and Yuen Long realising a vision of new industrialisation for Hong Kong, where sectors including advanced manufacturing, micro-electronics and biotechnology are being reimagined.

Hong Kong Science Park Shenzhen Branch in Futian, Shenzhen plays positive roles in connecting the world and the mainland with our proximity, strengthening cross-border exchange to bring advantages in attracting global talent and allowing possibilities for the development of technology companies in seven key areas: Medtech, big data and AI, robotics, new materials, microelectronics, fintech and sustainability, with both dry and wet laboratories, co-working space, conference and exhibition facilities, and more.

Through our R&D infrastructure, startup support and enterprise services, commercialisation and investment expertise, partnership networks and talent traction, HKSTP continues to contribute in establishing I&T as a pillar of growth for Hong Kong.

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