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Islamic Corporation for the Development of the Private Sector (ICD) and the Islamic Republic of Mauritania sign cooperation framework to advance private sector development and strategic investment

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Islamic Corporation

A central pillar of the MoU is ICD’s commitment, on a non-binding and best-effort basis, to arrange a Shariah-compliant syndicated or club financing facility of up to USD 900 million in favor of Mauritania Saudi Mining and Steel S.A. (Takamul)

We particularly welcome ICD’s support in areas such as sovereign credit rating engagement, the development of a robust PPP ecosystem, and improving access to finance for SMEs

JEDDAH, Saudi Arabia, March 12, 2026/APO Group/ —

  • Three-year Memorandum of Understanding signed to strengthen ICD’s cooperation with the Islamic Republic of Mauritania.
  • ICD to arrange a Shariah-compliant syndicated financing facility of up to USD 900 million for the Atomai iron ore project, on a best-effort basis.
  • Cooperation to support sovereign credit rating readiness, PPP ecosystem development, and SME financing.

 

The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org), the private sector arm of the Islamic Development Bank (IsDB) Group, and the Islamic Republic of Mauritania, have signed a three-year Memorandum of Understanding (MoU) establishing a framework for strategic cooperation across key areas of private sector development and economic capacity building.

The agreement was signed at ICD Headquarters by H.E. Dr. Abdellah Souleymane Cheikh-Sidia, Minister of Economic Affairs and Cooperation, IsDB Governor and the Acting CEO of ICD, Dr Khalid Khalafalla in the presence of H.E. Mohamed Lemine Dhehby, Central Bank of Mauritania, IsDB Alternate Governor,  and senior officials from the IsDB Group and members of the Mauritanian delegation.

A central pillar of the MoU is ICD’s commitment, on a non-binding and best-effort basis, to arrange a Shariah-compliant syndicated or club financing facility of up to USD 900 million in favor of Mauritania Saudi Mining and Steel S.A. (Takamul). The facility will support the development of the Atomai iron ore project in the Tiris Zemmour mining region, encompassing an open-pit iron ore mine, beneficiation facilities, two pelletizing plants in Nouadhibou, and ancillary infrastructure including power generation and water desalination, targeting an annual output of 10 million tonnes of High-Grade Direct Reduction Pellets.

Beyond this flagship initiative, the cooperation framework encompasses a range of activities aimed at strengthening Mauritania’s institutional foundations and broadening access to private sector financing. These include supporting Mauritania’s sovereign credit rating engagement, developing a Public-Private Partnership (PPP) ecosystem, and extending lines of financing to local financial institutions to enhance SME access to capital. ICD will also work to identify and finance bankable projects in priority sectors, including energy.

Commenting on the signing, Dr. Khalid Khalafalla, Acting Chief Executive Officer of ICD, said: “We are honored to formalize this cooperation with the Islamic Republic of Mauritania. This MoU reflects our commitment to deploying Shariah-compliant finance as a catalyst for sustainable development. From supporting one of the region’s most significant mining and industrial projects to building institutional capacity in areas such as PPP and sovereign credit rating readiness, ICD is proud to play a role in Mauritania’s long-term economic transformation.”

H.E. Abdullah Suleiman Sheikh Sidiya, Minister of Economic Affairs and Development and IsDB Governor for Mauritania, stated:  “This partnership marks an important step in strengthening Mauritania’s efforts to accelerate sustainable and inclusive economic growth. Through this cooperation with ICD, we aim to mobilize innovative and Shariah-compliant financing solutions to support strategic investments, strengthen our institutional framework, and expand opportunities for private sector development. We particularly welcome ICD’s support in areas such as sovereign credit rating engagement, the development of a robust PPP ecosystem, and improving access to finance for SMEs. These initiatives will contribute to unlocking Mauritania’s economic potential and advancing our long-term development objectives.”

H.E. Mohamed Lemine Dhehby, Governor of the Central Bank of Mauritania and Alternate Governor of the IsDB Group, said: “Strengthening Mauritania’s sovereign credit profile is an important step toward deepening our integration into international financial markets and unlocking new sources of sustainable financing for our development priorities. We welcome ICD’s support in advancing our sovereign credit rating engagement and in reinforcing the financial ecosystem necessary to attract long-term investment. This collaboration will contribute to enhancing transparency, strengthening investor confidence, and supporting the continued development of Mauritania’s financial sector.”

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

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SLB commissions new fluids systems plant in Pemba to support Mozambique’s offshore energy development

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Mozambique

New facility expands in-country drilling and completion fluids capability, advancing the next phase of SLB’s growth in Mozambique

PEMBA, Mozambique, October 9, 2026/APO Group/ –SLB (NYSE: SLB) (www.SLB.com) announced the opening of a new fluids systems plant in Pemba, Mozambique. The new facility strengthens in-country capacity to prepare, store and deliver drilling and completion fluids for offshore operations, reinforcing the infrastructure needed as Mozambique’s offshore activity grows and its role as a strategic energy hub for East Africa continues to expand.

The commissioning of the plant, also known as a liquid mud plant, coincides with SLB marking 70 years of operations in Mozambique. It reflects the company’s long-term commitment to investing in people, infrastructure and capability that support the country’s long-term offshore energy development plans.

 




  

With an initial storage capacity of 21,000 barrels, the liquid mud plant provides a scalable platform for future growth, supporting multiple customers and rising offshore activity while improving logistics and enhancing operational flexibility.

As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions

“As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions,” said Miguel Baptista, Central, East and Southern Africa, Managing Director, SLB. The new liquid mud plant strengthens local energy infrastructure, expands opportunities for local content development, and enhances our ability to support customers as they deliver some of Africa’s most significant offshore energy resources.”

The liquid mud plant project was delivered with strong local participation and that momentum is expected to continue into operations. During project delivery, more than 100 jobs were created in Pemba with nationals representing 80% of the workforce, reflecting a focus on building local capability.

The project was delivered with a strong focus on safety, operational integrity, and quality, achieving more than 67,000 hours worked without a recordable safety incident.

This key infrastructure strengthens SLB’s ability to support consistent service quality and enhance supply chain readiness for increasing offshore activity across Mozambique, supporting customers execute safely and efficiently while developing local skills and expertise.

Key Points:

  • SLB has commissioned a new fluids system plant in Pemba, expanding in-country drilling and completion fluids capability for offshore operations.
  • With an initial storage capacity of 21,000 barrels, the facility provides a scalable platform to support growing offshore activity in Mozambique.
  • The investment marks the next phase of SLB’s growth in Mozambique, strengthening local capability and supporting long-term offshore energy development.

Distributed by APO Group on behalf of SLB.

 

 




 

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South African Energy Storage Association (SAESA) welcomes 4,600 MW battery storage prioritisation and calls for integrated energy planning

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Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply

JOHANNESBURG, South Africa, October 9, 2026/APO Group/ –The South African Energy Storage Association (SAESA) (www.SAESA.org.za) welcomes the prioritisation of 4,600 MW of battery energy storage under the first Integrated Resource Plan (IRP) 2025 Section 34 determination.

 




  

The timing is significant. Recent Integrated Energy Plan (IEP) modelling and assumptions discussions highlighted a fundamental shift that South Africa’s energy planning now needs to capture: we cannot plan the future power system by counting megawatts of generation alone.

We must plan for when energy is available, where it is available, how it moves through a constrained grid and how it is stored and dispatched when the system needs it most.

The announcement reinforces that shift. Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply.

For SAESA, the message for the IEP is clear: storage, flexibility and system services must be modelled as integral components of South Africa’s future electricity architecture, with their contribution considered from the outset of generation planning.

“The IEP must plan the power system we are becoming, not simply model the power system we have inherited,” says SAESA.

The IEP must plan the power system we are becoming, not simply model the power system we have inherited

Partnership with C&I Energy + Storage Summit

SAESA is an association partner of the C&I Energy + Storage Summit, created by VUKA Group, taking place on 28–29 October 2026 at The Maslow Hotel, Sandton, Johannesburg.

The summit brings together commercial and industrial energy users, project developers, financiers, regulators and solution providers to explore practical approaches to energy security, procurement and storage deployment.

For businesses assessing how storage can support their operations, the event offers an opportunity to meet SAESA and engage with the wider energy community on the decisions shaping South Africa’s evolving electricity system.

Commercial and industrial energy decision-makers are invited to apply to attend as hosted buyers. Qualifying buyers receive complimentary summit access and curated opportunities to engage with industry partners.

 

Meet SAESA at C&I Energy + Storage Summit: Join the Hosted Buyer Programme

The Hosted Buyer Programme connects commercial and industrial energy decision-makers with solution providers shaping South Africa’s evolving private energy market.

Qualified energy buyers receive complimentary access to the summit and curated engagement with industry partners exploring energy procurement, storage deployment and project development.

Apply for the Hosted Buyer Programme (https://apo-opa.co/4ehLijJ)

Distributed by APO Group on behalf of VUKA Group.

 




 

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Afreximbank welcomes launch of Africa Credit Rating Agency as an important step in strengthening Africa’s financial architecture

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Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets

PORT LOUIS, Mauritius, October 8, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) welcomes today’s launch of the Africa Credit Rating Agency (AfCRA), an important milestone in strengthening Africa’s financial architecture and expanding the continent’s capacity to generate credible, independent analysis of African credit risk.

 




 
 

Credit ratings play an important role in determining access to capital, influencing investor perceptions and shaping the cost at which governments, institutions and businesses can finance development. It is therefore essential that assessments of African credit risk are independent, rigorous and evidence-based, while reflecting a complete understanding of the structures, institutions and economic realities being assessed.

The establishment of AfCRA adds an important African-led source of credit opinion to the market. Its value will not be measured by whether it produces more favourable ratings, but by the credibility of its analysis, the quality of its data and transparency of its methodology, and its ability to deepen understanding of African sovereigns, sub-sovereigns and corporate credit.

This is particularly important given that many African issuers remain unrated, while local-currency and sub-sovereign markets continue to have limited rating coverage. Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets.

AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans

Alongside fellow members of the Alliance of African Multilateral Financial Institutions (AAMFI), Afreximbank has consistently maintained that African Multilateral Financial Institutions should be assessed on the basis of their fundamentals, performance, legal frameworks, mandates and operating models. Ensuring that these institutional characteristics are properly understood is essential to achieving informed, balanced and credible assessments of African risk.

Commenting on the uniqueness of the African market, and need for AfCRA’s rating methodology to reflect this, Mr Denys Denya, Senior Executive Vice President, Afreximbank, said: “The rating methodology AfCRA develops must recognise the uniqueness of our environment and its institutional structures. The Agency must set its own standards and not follow those set elsewhere — it must build a unique identity that conforms to an ‘African best practice.”

Highlighting the need for the autonomy of the Africa Credit Rating agency as it takes off, Mr Denya added: “Most importantly, AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans. We must all use it, and in return expect a complete assessment of where we (Africa) stand: the strengths the market has ignored, and the weaknesses we still need to fix.”

AfCRA should therefore be seen as complementary to existing international and regional rating agencies, broadening the range of credible analysis available to investors and issuers while strengthening competition, transparency and analytical capacity within Africa’s credit markets.

As Africa seeks to mobilise the scale of capital required for industrialisation, trade, infrastructure and economic transformation, credible African institutions that improve information, strengthen market confidence and deepen the continent’s financial markets will become increasingly important.

Afreximbank congratulates the African Union, the African Peer Review Mechanism (APRM) and all those involved in bringing AfCRA from concept to launch, and looks forward to the contribution the Agency will make to deeper, more transparent and more efficient African capital markets.

Distributed by APO Group on behalf of Afreximbank.

 




 

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