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The Islamic Corporation for the Development of the Private Sector (ICD) Signs 13 Landmark Agreements to Promote Private Sector Growth in its Member Countries

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The Islamic Corporation

The signing of these agreements reinforce ICD’s commitment to propelling solidarity and prosperity through strategic partnerships and promoting access to finance and financial inclusion in its member countries

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

The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), a member of the Islamic Development Bank (IsDB) Group, is pleased to announce the signing of 13 significant agreements aimed at catalyzing economic development and bolstering private sector growth and initiatives across several member countries in diverse regions across the world.

The signings took place on the third day of the 2024 Annual Meetings of the IsDB Group, which celebrated the 50th anniversary of the Group’s journey in fostering and promoting economic growth and development of its member countries. The signing of these agreements reinforce ICD’s commitment to propelling solidarity and prosperity through strategic partnerships and promoting access to finance and financial inclusion in its member countries.

In a strategic move to promote access to finance in the Republic of Togo, ICD has inked a Letter of Intent for a EUR 20 million Line of Financing Facility with the ECOWAS Bank for Investment and Development (“EBID”). This Facility when disbursed is expected to augment the capacity of EBID to finance a spectrum of private sector projects in common member countries of ICD and EBID in the ECOWAS region, thereby contributing to economic expansion and job creation.

Further, the ICD also signed a Memorandum of Understanding (MoU) with Coris Bank of Togo with the objective of increasing the cooperation between the two institutions and in particular, enhancing the capacity of Coris Bank to develop tailored support and increase its financing to small and medium-sized enterprises (SMEs) in Togo.

Given the number of its member countries in the West African Economic and Monetary Union (WAEMU) and its objectives of developing strategic initiatives and partnerships to evaluate investment prospects within the region, the ICD also signed an MOU with the Banque Sahélo-Saharienne pour l’Investissement et le Commerce (BSIC) Group for a proposed USD 30 million Line of Finance Facility.  The Facility will be deployed through affiliates of the BSIC Group to finance eligible private sectors enterprises in ICD’s member countries operating within the WAEMU region.

Also, in its effort to support the financial sector in the Federal Republic of Nigeria and The Gambia, the ICD signed two separate MOUs with Jaiz Bank PLC of Nigeria and AGIB Bank Limited of Gambia. In the MOU with AGIB, the Parties agreed to explore further investment in AGIB (the first and only Islamic Bank in Gambia) in joint collaboration with the largest telecom company in Gambia (Q-Cell) to support the Bank’s strategy for local and regional expansion under digital infrastructure and food security programs. Additionally, the Parties will also collaborate in attracting growth capital from other financial institutions to the Bank.

In the MOU signed with Jaiz Bank PLC of Nigeria, the Parties agreed to explore potential investment opportunities through the introduction of Additional Tier 1 Capital (Mudarabah Capital) for the business growth of Jaiz Bank PLC and its regional expansion through ICD’s partnership and networks. Additionally, ICD agreed to consider providing Jaiz Bank with relevant technical and advisory assistance to support its operations through leveraging on ICD’s other partner’s expertise and network across its member countries.

To unlock opportunities in enhancing credit enhancement coverage for Line of Finance facilities in mutual member countries, the ICD also signed an MoU with the Fonds De Solidarite Africain (“FSA”), a multilateral financial institution based in Niger. The objective of this MoU is to explore credit enhancement coverage for ICD’s Line of Finance facilities to eligible financial institutions across its member countries in Africa.

In furtherance of its efforts to advance climate-resilient infrastructure projects across Africa, the ICD and the Africa Finance Corporation (based in Nigeria) also signed an Addendum to an MoU they signed earlier to explore co-investment and financing opportunities in their common member countries especially in infrastructure development and climate resilience projects.

In a bid to provide additional support to private sector enterprises in Bangladesh, ICD also entered into a Memorandum of Understanding (MoU) with BD Finance Bangladesh Limited. This MoU aims to provide technical and advisory assistance to BD Finance to support its transition into a fully-fledged Islamic Financial Institution, and to explore potential investment opportunities in Bangladesh.

Further, in ICD’s drive to enhance its partnership and support to financial institutions in the Maldives, the ICD signed an MoU with Maldives Islamic Bank to explore potential investment opportunities (mainly equity investments in the form of Tier 1 capital) within Maldives and in other member countries of ICD.  

Still in Maldives, the CD also signed two Memorandum of Understanding with the Ministry of Finance of Maldives to cooperate and to work closely in exploring and identifying investment, financing, advisory services or technical assistance opportunities in Maldives and other member countries of ICD that are of mutual benefit to both parties and will promote sustainable socio-economic development. In particular, through the first MOU, the MoF of Maldives, and/or via government investment agencies or financial institutions, will explore potential co-investment with ICD for establishing an Islamic Bank in the Republic of Uzbekistan. Additionally, both Parties agree to provide required technical assistance to this new Islamic Bank once established in the form of short-term liquidity management, capacity building and support in developing and diversifying its product offerings. In the second MOU, the ICD and the Ministry of Fnance committed to explore potential investment and financing opportunities in infrastructure, aviation, fisheries sectors and other sectors that are priority for the Government of Maldives. In addition, to enhance the efficiency and robustness of the local financial sector, ICD is also looking forward to supporting the sector with Tier 1 Capital investments.

In its efforts to strengthen its partnerships with banks in the GCC region, the ICD signed a Letter of Intent with Al Salam Bank of Bahrain) outlining the intention of the parties for a proposed USD 50 million Line of Finance facility to be provided by ICD to the Al Salam Bank to support Small and Medium Enterprises (SMEs) in Bahrain.

Still in the GCC, the ICD and the National Development Fund of Saudi Arabia, a day earlier, signed an MOU to cooperate and work closely in exploring and identifying Shari’ah compliant investments, financing, advisory services opportunities within infrastructure projects in the Kingdom of Saudi Arabia that are of mutual benefit to both Parties and will promote sustainable socio-economic development. Through this MOU the Parties committed to leverage technological advancements and innovations to enhance the efficiency and impact of their joint investments, ensuring that they remain aligned with the latest industry standards and practices. The Parties also agreed to share, and exchange knowledge related to development impact assessment tools and systems and work towards attracting, mobilizing, and channeling private sector and foreign capital for infrastructure projects in the Kingdom of Saudi Arabia.

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

Energy

U.S.-Africa Energy & Minerals Forum Expands to Critical Minerals and Supply Chain Security

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Africa

This year’s U.S.-Africa Energy & Minerals Forum in Houston signals a strategic shift toward integrated energy and critical minerals investment, strengthening U.S. partnerships across Africa’s resource and industrial value chains

HOUSTON, United States of America, February 26, 2026/APO Group/ –The U.S.-Africa Energy & Minerals Forum (USAEMF) has relaunched with a dedicated focus on critical minerals, marking an important evolution in its role as a platform for U.S.-Africa commercial engagement. Building on its foundation in energy, power and industrial projects, the forum’s expanded scope positions it at the center of investment conversations shaping the future energy economy.

 

Scheduled for July 21–22, 2026, in Houston, Texas, USAEMF comes at a time of surging global demand for copper, cobalt, lithium, manganese and rare earth elements, driven by electrification, battery storage, AI infrastructure and advanced manufacturing. Africa is increasingly critical to securing these materials, highlighting how energy and minerals are now interconnected pillars of industrial growth, geopolitical stability and decarbonization.

The forum’s minerals mandate deepens engagement with African producers – particularly the Democratic Republic of Congo (DRC), home to some of the world’s largest copper and cobalt reserves. Momentum is building through the U.S.–DRC strategic minerals framework and the U.S.-backed Orion Critical Mineral Consortium, a major investment platform supported by the DFC and private partners. The consortium is pursuing a 40% stake in the Mutanda and Kamoto copper-cobalt operations in a $9 billion transaction, securing long-term supply for allied markets while reinforcing cooperation on infrastructure, security and supply-chain governance.

Placing critical minerals at the center while maintaining strong hydrocarbons engagement strengthens U.S.-Africa commercial ties

U.S. financing is also expanding across the region, with the DFC managing a continental portfolio exceeding $13 billion to support mining, processing and transport infrastructure for critical mineral supply chains. Recent commitments include rare earth, graphite and potash projects in Malawi, Mozambique and Gabon; broader investments in Uganda, Tanzania, Zambia and South Africa; and $553 million linked to the development of the Lobito Corridor. The DFC is also a major backer of TechMet, a U.S.-supported investment firm valued at over $1 billion, which is raising up to $200 million to expand copper, cobalt, lithium and rare earth assets and pursue new opportunities across the DRC and Zambia. Together, these initiatives underscore Washington’s push to diversify battery-mineral supply while positioning Africa as a long-term partner in clean energy and industrial value chains.

Houston’s role as host city reflects the alignment between American industrial capacity and African resource development. Long established as a global energy hub, the city is expanding into energy transition technologies, advanced materials, carbon management and industrial innovation. By convening African governments with U.S. private equity, development finance institutions, exporters, insurers and technical service providers, the forum creates a commercial platform capable of converting mineral potential into bankable projects.

“The evolution from USAEF to USAEMF reflects a broader shift toward integrated energy and mineral development,” states Nadine Levin, Portfolio Director at Energy Capital & Power, forum organizers. “Placing critical minerals at the center while maintaining strong hydrocarbons engagement strengthens U.S.-Africa commercial ties and advances projects that deliver long-term shared value.”

While critical minerals define the forum’s strategic expansion, the U.S.’ longstanding role in Africa’s energy sector remains central to the platform’s value proposition. American energy companies continue to advance exploration and development across key upstream markets, support gas monetization in the Gulf of Guinea and revitalize mature production in North Africa. U.S. export credit and development finance are also helping unlock large-scale LNG capacity in Mozambique while supporting optimization and expansion across existing gas infrastructure in West Africa – demonstrating how American capital, engineering expertise and risk-mitigation tools convert resource potential into delivered energy systems.

USAEMF is the leading platform connecting U.S. capital and technical expertise with Africa’s energy and minerals sectors. For more information or to participate at the upcoming forum, please contact sales@energycapitalpower.com

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

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Pesalink and Pan-African Payment and Settlement System (PAPSS) Unlock Cross-Border Payments in Local Currencies in Kenya

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Pesalink

The Pesalink–PAPSS partnership will reduce costs, speed up settlements, and help individuals, SMEs and businesses send money more efficiently across borders

NAIROBI, Kenya, February 26, 2026/APO Group/ —

  • Instant 24/7 bank-to-bank transfers across African borders in local currencies.
  • Simpler cross-border payments for individuals, businesses, and SMEs.
  • 80 plus Pesalink network participants now linked to 160 plus PAPSS participating banks.

 

Pesalink, Kenya’s de facto instant payment network, has partnered with the Pan-African Payment and Settlement System (PAPSS) to ease cross-border payment and speed up regional financial integration.

 

The partnership enables instant 24/7 cross-border payments from PAPSS participants into banks and mobile money operators within the Pesalink network in Kenya, all settled in local currencies. This reduces complex correspondent banking requirements and reliance on foreign reserve currencies.

 

Kenyan banks will now be able to offer faster, cheaper cross-border payments

PAPSS, an initiative of the African Export-Import Bank (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat, enables cross-border payments between African countries. Pesalink is now a Technical Connectivity Provider. It means that 80 plus Kenyan bank, fintech, SACCO and telco participants on the Pesalink network will be connected to 160 plus commercial banks and fintechs on the PAPSS platform.

 

Cross-border payments remain expensive and slow for many African businesses. The 2023 (http://apo-opa.co/4baDSh7) World Bank Remittance Prices report indicates that sending money across African borders incurs on average 7-8% of the total value sent (above the global average of 6–7%). Settlement can also take three to seven business days.

 

The Pesalink–PAPSS partnership will reduce costs, speed up settlements, and help individuals, SMEs and businesses send money more efficiently across borders.

 

Speaking during the partnership signing held at Pesalink offices in Nairobi, PAPSS CEO Mike Ogbalu III said, “For PAPSS to deliver true impact, collaboration with national and private switches like Pesalink is essential. Pesalink is the first switch we’ve piloted for transaction termination in Kenya, and we are already seeing greater adoption by opening more channels for seamless, local-currency cross-border payments across Africa.”

 

Pesalink CEO, Gituku Kirika, said “Kenyan banks will now be able to offer faster, cheaper cross-border payments. They will be helping their customers grow more regional trading relationships and thrive in a more integrated digital economy.”

Distributed by APO Group on behalf of Afreximbank.

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Events

Africa Trade Conference Returns to Cape Town with Esteemed Speakers Driving Africa’s Trade Agenda

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Africa

Second edition convenes global policymakers, business leaders, and innovators to accelerate Africa’s integration into global trade

CAPE TOWN, South Africa, February 26, 2026/APO Group/ –Access Bank Plc (www.AccessBankPLC.com) is proud to announce the distinguished line-up of speakers for the second edition of the Africa Trade Conference (ATC 2026), scheduled to take place on March 11, 2026, at the Cape Town International Convention Centre, Cape Town, South Africa. Building on the strong foundation of its inaugural edition, ATC 2026 will convene an exceptional assembly of global and African leaders, policymakers, investors, and business executives committed to shaping the future of trade on the continent.

The Africa Trade Conference has rapidly emerged as a premier platform for advancing dialogue and action around Africa’s evolving role in global commerce. The 2026 edition will feature influential voices from across finance, government, development institutions, and the private sector, who will share insights on unlocking trade opportunities, strengthening intra-African commerce, enabling business expansion, and positioning African enterprises for global competitiveness.

The confirmed speakers represent a powerful cross-section of leaders driving Africa’s economic transformation.

Building on the momentum of its maiden edition, which convened senior decision-makers from 28 countries, the 2026 conference with the theme “Turning Vision into Velocity: Building Africa’s Trade Ecosystem for Real-World Impact”, will have the keynote address delivered by Kennedy Mbekeani, Director General, Southern Africa Region, African Development Bank (AfDB), alongside Kwabena Ayirebi, Managing Director, Banking Operations at the African Export-Import Bank. Their joint keynote will address the evolving financing landscape for African trade and the strategic pathways for unlocking continental prosperity.

The welcome address will be delivered by Roosevelt Ogbonna, CEO/GMD, Access Bank Plc, who will set the tone for discussions centered on trade transformation, financial inclusion, and regional competitiveness, while Tolu Oyekan, Managing Director & Partner at Boston Consulting Group, will deliver insights on “Africa Trade Outlook 2026”, examining emerging macroeconomic trends, supply chain shifts, and growth opportunities across key sectors.  The CEO of Pan-African Payment and Settlement System, Mike Ogbalu, will be engaging the conference participants on the topic, “Building a Connected Africa Through Trade, Payments & Technology”, focusing on how payment interoperability and digital infrastructure can accelerate the African Continental Free Trade Area (AfCFTA) agenda.

The calibre of speakers confirmed for this year’s conference underscores the urgency and opportunity before us

The conference will also host a High-Level Ministerial Panel that features Elizabeth Ofosu-Adjare, the Minister for Trade, Agribusiness & Industry, Ghana; Tiroeaone Ntsima, Minister of Trade and Entrepreneurship, Botswana; Mr. Florian Witt, Divisional Head, International & Corporate Banking Oddo-BHF, Ms. Nathalie Louat – Global Director, International Finance Corporation (IFC), Dr Isaiah Rathumba – Head of Department, Limpopo Economic Development, Environment and Tourism and Mr. Alfred Idialu – Chief Rep Officer, Deutsche Bank among other policymakers shaping trade policy across the continent.

Commenting on the announcement, Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, said:
“The Africa Trade Conference reflects our unwavering commitment to advancing Africa’s economic transformation by creating a platform that brings together the leaders, institutions, and ideas shaping the future of trade. The calibre of speakers confirmed for this year’s conference underscores the urgency and opportunity before us. Africa is not only participating in global trade, it is helping to redefine it. Through this convening, we aim to catalyse partnerships, unlock new opportunities for businesses, and accelerate Africa’s integration into global value chains.”

“At Access Bank, we see ourselves not just as financiers, but as connectors of markets, ideas, and opportunities. Our role is to help African businesses move from ambition to impact, from local relevance to global competitiveness.”

With operations in 24 countries globally, including 16 across Africa, Access Bank’s expansive footprint places it in a unique position to facilitate cross-border trade, unlock regional value chains, and simplify the complexities of doing business across markets.

“Our presence across Africa and key global corridors gives us a front-row seat to the realities of trade. It also gives us the responsibility to design solutions that are inclusive, scalable, and future facing. ATC 2026 is part of that commitment, Ogbonna added.

ATC 2026 is expected to catalyze partnerships, enable policy dialogue, and provide actionable strategies for businesses operating within and beyond the continent.

The Access Bank Chief puts it thus, “Africa will not be a spectator in the remaking of global trade. We will be one of its architects. ATC 2026 is where those blueprints will be drawn.”

For more information and registration, please visit https://apo-opa.co/4sdXWF7

Distributed by APO Group on behalf of Access Bank PLC.

 

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