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Islamic Corporation for the Development of the Private Sector (ICD) Signs 11 Transformative Agreements Aimed at Spearheading Private Sector Expansion in Member Countries

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Islamic Corporation

These agreements underscore ICD’s commitment to driving sustainable growth and prosperity through strategic partnerships and financial support

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

The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org) is pleased to announce the signing of 11 pivotal agreements aimed at fostering economic development and facilitating private sector growth and access to capital in several of its member countries.

These agreements underscore ICD’s commitment to driving sustainable growth and prosperity through strategic partnerships and financial support.

In its efforts towards expanding access to finance in Côte d’Ivoire, the ICD has signed a EUR 15 million Line of Financing Agreement with Banque de l’Union Cote d’Ivoire (BDU-CI). This agreement will provide BDU-CI with the resources needed to finance a range of private sector projects in Côte d’Ivoire, contributing to economic growth and job creation.

In line with its objectives of empowering SMEs in its member countries, the ICD has signed a Letter of Intent (LOI) with the Cameroonian bank, Credit Communautaire d’Afrique of Cameroon(CCA). This LOI is intended to  pave the way for a potential EUR 10 million Line of Financing facility to be extended by ICD to CCA, enabling CCA to further support small and medium-sized enterprises (SMEs) in Cameroon. This collaboration strengthens the ICD’s partnership with the Cameroonian banking sector and underscores ICD’s commitment to SME development in general.

Further, in its efforts to boost private sector growth in Uzbekistan, the ICD has signed a series of agreements with several Uzbek banks to bolster private sector development in Uzbekistan. These agreements include: a Memorandum of Understanding (MOU) with Trustbank, in respect of a proposed USD 10 million Line of Financing facility to support the bank’s efforts in financing eligible private sector entities in Uzbekistan,  an MOU with Orient Finans Bank (OFB) to explore providing  additional Line of Financing facility to the OFB  having regard to the successful implementation of previous similar facilities extended to it by ICD. In addition, the ICD also signed two other MOUs with Asia Alliance Bank and Uzbek Leasing International underscoring the ICD’s continued commitment to fostering economic growth in Uzbekistan, and providing  Uzbek banks with the much needed funding and support to expand and  enhance their operation and support to private sector enterprises in Uzbekistan.

In terms of equity investments, the ICD, in its efforts towards promoting access to finance and financial inclusion also signed an MOU with Anor Bank of Uzbekistan with the objective of exploring the possibility of transforming  a conventional finance company, Taiba Finance, into the first Islamic Bank in Uzbekistan. This collaboration represents a significant step towards promoting financial inclusion in Uzbekistan.

As a demonstration of its commitment to support the economic growth of each member country, the ICD has also signed an MOU with Azerbaijan Investment Company OJSC. This collaboration underscores ICD’s commitment to deepening its engagement and support for private sector initiatives, thereby fostering sustainable economic growth and prosperity in Azerbaijan. In addition, the ICD also signed a Line of Financing Agreement with Rabitabank of Azerbaijan, by which it will be providing the bank with a USD 15 million Shariah-compliant line of finance facility to be channeled to finance and support SMEs in Azerbaijan. This facility again underscores ICD’s unwavering dedication to empowering local businesses and contributing to private sector growth and economic development in general in its member countries in the CIS region.

The 2024 Annual Meetings of the Islamic Development Bank (IsDB) 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).

Events

As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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Debate

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Business

Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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CLG

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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ITFC

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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