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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).

Business

Why Your Communications Strategy is Undermining Your Decisions (By Bas Wijne)

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Bas Wijne

As markets become more complex and information moves faster, communications is now part of strategy, embedded in how boardroom decisions are formed, framed, and executed

For organisations operating across multiple African markets, fragmented communications create fragmented decisions

JOHANNESBURG, South Africa, May 13, 2026/APO Group/ —By Bas Wijne, CEO, APO Group (https://APO-opa.com).

 

At last month’s PRCA South Africa conference, the leading PR and communications forum in the region, I joined a panel on PR as a Strategic Advisor: Ethics, Sustainability and Boardroom Influence alongside Annaleigh Vallie (Executive Head of Integrated Communication, Nedbank), and Larry Khumalo-MacArthur (Managing Director and Market Lead, Weber Shandwick Africa). The discussion reinforced that when communications is excluded from the boardroom, decision-making breaks down between formation and execution. In complex organisations, executive decisions are often interpreted differently across stakeholders, leading to early misalignment.

The most effective leadership teams address this by involving communications when decisions are formed.

Without this, the same course of action fractures in execution across stakeholders. The issue is not variation in interpretation itself, but the absence of a structured way to account for it in advance.

Communications is a co-architect that belongs in the boardroom, shaping how intent becomes a decision and how a decision becomes reality. This is especially clear in African markets. Differences in regulatory environments, culture, and stakeholder expectations mean the same announcement can be interpreted in fundamentally different ways across jurisdictions. Consider a single boardroom decision. A multinational announces a restructuring across several African territories – typically involving changes to operating models, workforce alignment, cost structures, and local responsibilities.

In one country, the decision is seen as a move toward efficiency and long-term growth. In another, it signals contraction. In a third, it raises questions about market commitment. The underlying decision stays the same, but its meaning shifts depending on where it lands.

These differences affect how decisions are executed across markets. Alignment weakens, not from a flawed strategy, but from fragmented meaning.

For a co-architect, this means stress-testing decisions before they are final. Advising and assessing how they will land in different markets. Working directly with leadership teams to adjust how decisions are framed, sequenced, and released so that intent translates across markets.

APO Group operates as an example of this co-architect model, serving as a strategic communications consultancy that integrates advisory and execution. We don’t just execute communications – we consult and advise at the boardroom level. We apply this approach across multiple African markets. Africa-Newsroom.com, our pan-African newswire and the only platform of its kind on the continent, distributes to 250+ Africa-focused news sites and 450,000+ journalists in all 54 countries. The same infrastructure that delivers messaging across the continent gives us the monitoring data to test how it will be received before a single line is published. That is what stress-testing means in practice.

When a global Fortune 500 telecommunications operator with multi-market African operations needed transformation across six African countries, they consolidated nine agencies into one partner: APO Group. Before announcing the decision, it was tested in each market. We checked how it signalled efficiency, retreat, or questions about commitment.

That insight was fed directly back into how the announcement was structured, sequenced, and released.

Messaging was then executed through a single coordinated system across all markets, rather than multiple disconnected systems.

The result was a 573% increase in top-tier media placements for the programme across key African markets compared to the previous multi-agency model, driven by unified messaging and faster execution cycles.

For organisations operating across multiple African markets, fragmented communications create fragmented decisions. Integrated communications strengthen delivery. In this environment, communications is part of how leadership decisions hold their meaning as they move across borders.

The question for leadership teams is not whether communications supports decisions, but whether it is involved early enough to ensure those decisions hold their meaning as they move across markets.

And ultimately: is communications shaping the decision itself, or only being asked to manage its interpretation after it leaves the boardroom?

Distributed by APO Group on behalf of APO Group Insights.

 

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Liquid Intelligent Technologies revitalises access to cloud and cyber security services in support of improved national digital resilience

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Liquid Intelligent Technologies

These services will be available to existing and potential customers in Botswana, and at the centre of the new offering is Secure360, the company’s integrated security framework

GABORONE, Botswana, May 13, 2026/APO Group/ –Liquid Intelligent Technologies (https://Liquid.Tech), a business of Cassava Technologies, a global technology leader, brings cloud and cyber security solutions and services to businesses and enterprises of all sizes in Botswana. The announcement comes as Liquid celebrates a decade of operations in the country.

 

These services will be available to existing and potential customers in Botswana, and at the centre of the new offering is Secure360, the company’s integrated security framework that enables organisations to move beyond reactive breach response towards proactive intelligence, protection and assurance. The solution combines local delivery with continental-scale infrastructure and global technology partnerships to provide organisations with enterprise-grade digital security and cloud capabilities aligned with national digital priorities.

When organisations engage with Liquid Intelligent Technologies in Botswana, they are connecting to the strength of Cassava’s integrated digital ecosystem

“Over the last decade, Liquid has deployed over 1174.08 km of fibre, bringing multi-terabit capacity and unmatched resilience to the region. By establishing a 730km backbone along the A1 road, we’ve positioned Botswana as a critical hub, linking networks from Zimbabwe, South Africa, Kenya, Zambia, the Democratic Republic of Congo, and Sudan,” said Odirile Tamajobe, Managing Director of Liquid Intelligent Technologies Botswana. “Now, by bringing the cloud and cyber security services into the country, we are empowering local businesses with world-class digital solutions, ensuring they can compete and win on the global stage.”

The expansion of Liquid’s offerings in the market reflects the broader Cassava strategy to deliver integrated digital infrastructure and platforms through its One Cassava approach.

“When organisations engage with Liquid Intelligent Technologies in Botswana, they are connecting to the strength of Cassava’s integrated digital ecosystem,” said Ziaad Suleman, CEO of Cassava Technologies SA and Botswana. “Beyond cloud and cyber security, customers can access data centres, AI readiness reviews, and tailored technology journey roadmaps, all within a unified platform designed to support secure innovation and long-term digital resilience”.

As Botswana advances on its Vision 2036 ambitions to expand digital services across government, financial services, telecommunications, and critical infrastructure sectors, Cassava’s digital services aim to strengthen national digital resilience, fostering pride and confidence in the country’s progress.

Distributed by APO Group on behalf of Liquid Intelligent Technologies.

 

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Verdant IMAP Act as Financial Advisor and Arranger to Metro Africa Xpress (MAX) on its USD 8 Million in Debt Capital Raise

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Verdant IMAP

The transaction establishes a foundation for further institutional capital deployment into the business

JOHANNESBURG, South Africa, May 13, 2026/APO Group/ –Metro Africa Xpress (MAX), Africa’s leading electric mobility platform, has secured USD 8 million in debt funding from Triple Jump, marking a key milestone in scaling its clean mobility operations.

Triple Jump, a Netherlands-based impact investment manager with a strong track record of financing inclusive financial institutions and clean energy businesses across emerging markets, represents one of MAX’s first international institutional lenders. Its participation underscores confidence in MAX’s operating model, asset-backed lending structure, and long-term scalability within Africa’s evolving mobility sector.

The funding will support:

  • Expansion of MAX’s electric vehicle (EV) fleet
  • Rollout of battery swap infrastructure
  • Continued development of its Pay-As-You-Go (PAYGO) financing platform

MAX’s model is designed to lower barriers to asset ownership for commercial drivers (“Champions”), enabling income generation through access to productive mobility assets while reducing operating costs relative to internal combustion alternatives.

Operating across Nigeria, Ghana, and Cameroon, with Nigeria as its core market, MAX is building an integrated ecosystem comprising:

  • Purpose-built EVs adapted for local conditions
  • Battery swapping infrastructure to address charging constraints
  • IoT-enabled fleet management systems
  • Embedded financing solutions for underserved drivers

Verdant IMAP acted as sole financial advisor and arranger on the transaction, supporting structuring, investor engagement, and execution. The transaction establishes a foundation for further institutional capital deployment into the business.

Distributed by APO Group on behalf of Verdant Capital.

 

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