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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).

Events

Africa Tech Festival opens registration for landmark 29th edition in Cape Town

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Tech Festival

Based on the success of last year’s event, and ongoing conversations with key stakeholders, Africa Tech Festival 2026 is structured around six interconnected pillars that reflect where investment is flowing, where innovation is accelerating, and where the biggest opportunities lie

CAPE TOWN, South Africa, April 22, 2026/APO Group/ –Africa Tech Festival (https://AfricaTechFestival.com/), the continent’s longest-running and most influential technology event, today announced that registration is open for the 29th edition of the event, taking place from 16 to 19 November 2026 at the Cape Town International Convention Centre in South Africa.

 

Based on the success of last year’s event, and ongoing conversations with key stakeholders, Africa Tech Festival 2026 is structured around six interconnected pillars that reflect where investment is flowing, where innovation is accelerating, and where the biggest opportunities lie: Telecoms & Connectivity; Data Centres; AI; Cybersecurity; Startups; and Digital Transformation. Every session, speaker and experience at Africa Tech Festival 2026 is built around these pillars, which will be showcased throughout the event, on eight dedicated stages.

For sponsors and exhibitors, Africa Tech Festival is the premier platform where enterprise buyers, technology leaders, and solution providers converge to shape the future of digital transformation across the continent. Leading brands can engage directly with C-suite executives, policymakers, and industry leaders as they showcase solutions in telecoms, AI, data centres, cybersecurity and enterprise innovation. In addition to providing a forum for generating leads and forming partnerships, Africa Tech Festival’s media exposure and pan-African reach create the ideal platforms for boosting brand reputation.

First wave of confirmed speakers announced

Africa Tech Festival 2026 is already attracting some of the continent’s most influential technology and business leaders. Confirmed speakers to date include:

Africa’s digital economy is accelerating at an unprecedented pace, and Africa Tech Festival 2026 is designed to be at the centre of that momentum

  • Bunmi Cynthia Adeleye, Chief Strategy & Transformation Officer, Retail Supermarkets Nigeria Limited (Owners of Shoprite Nigeria)
  • Dido wa Kalonji, Chief Information Officer, FNB Eswatini
  • Faith Burn, Chief Technology and Operations Officer, Land and Agricultural Development Bank of South Africa
  • Joost Pielage, Chief Technology Officer, Quro Medical
  • Lazola Ndamase, Group Executive Head: Big Data & AI/ML Technology, Vodacom
  • Mary Mahuma, Chief Information Officer, Sub-Saharan Africa, Philip Morris South Africa
  • Nina Triantis, Head: Global Sponsor Coverage, Client Coverage CIB & Vice Chair/TMT, Standard Bank Group
  • Nirvani Dhevcharran, Chief Technology Officer: Platforms and Operations, TFG (The Foschini Group)
  • Nollie Maoto, Chief Data and Analytics Officer, FirstRand Compliance Office
  • Nomsa Chabeli, Group Chief Executive Officer, South African Broadcasting Corporation (SABC)
  • Richard Cazalet, Executive: Strategy and Transformation, Telkom SA
  • Seaparo Phala, Chief Information Officer, Department of Sport, Arts and Culture
  • Senthil Kumar Velayutham, Chief Technology and Digital Officer, African Development Bank

 

Commenting on the importance of the event in advancing Africa’s digital transformation agenda, David Monaghan, VP, Africa Tech Festival, said, “Africa’s digital economy is accelerating at an unprecedented pace, and Africa Tech Festival 2026 is designed to be at the centre of that momentum. Whether you’re a decision-maker looking to shape strategy, an innovator seeking investment, or an organisation ready to put your brand in front of the continent’s most influential technology leaders, this is the event for you. We look forward to welcoming the industry to Cape Town in November.”

 

Register to attend Africa Tech Festival 2026

 

General registration: https://apo-opa.co/3OvRBqv

 

For more information, as well as exhibitor and sponsor applications, visit https://AfricaTechFestival.com/

Distributed by APO Group on behalf of Africa Tech Festival.

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Energy

Typhoon Returns to African Mining Week (AMW) as Associate Sponsor Amid Regional Push to Formalize Artisanal and Small-Scale Gold Mining (ASGM)

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Energy Capital

African Mining Week 2026 will connect global investors with the continent’s gold mining companies such as Typhoon for partnership formations aimed at accelerating the growth of the gold value chain

CAPE TOWN, South Africa, April 22, 2026/APO Group/ –Typhoon Greenfield Development (Typhoon) – Ghana’s first small-scale mining company compliant with London Bullion Market Association standards – is returning to this year’s edition of African Mining Week (AMW) 2026 as an Associate Sponsor.

Typhoon’s participation highlights the company’s strategy to deepen engagement with global investors and advance Africa’s gold value chain at a time when the sector is experiencing unprecedented growth. Gold prices surpassed $5,000 per ounce in March 2026, prompting mineral-rich African countries to accelerate strategies aimed at maximizing the resource’s contribution to GDP growth, employment creation, beneficiation and broader economic development.

During the event, Typhoon executives will participate in high-level panel discussions, networking sessions and project showcases, where they are set to engage with African stakeholders on strategies to advance artisanal and small-scale gold mining (ASGM) formalization. The company is expected to share lessons and best practices from Ghana’s ongoing efforts to strengthen responsible and formalized gold production.

Held under the theme Mining the Future: Unearthing Africa’s Full Mineral Value Chain, AMW 2026 – scheduled for October 14–16 in Cape Town – will feature a dedicated Gold Forum addressing key industry priorities, including maximizing Africa’s gold production, expanding local beneficiation and accelerating ASGM formalization. The forum provides a strategic platform for companies such as Typhoon to highlight their contributions to Africa’s gold sector while exploring investment and partnership opportunities.

In 2026, Typhoon is advancing the Adomanu cluster of mines expansion project, which has reached a 65% completion milestone. The company is also conducting additional exploration to unlock new production prospects within the cluster, while advancing development at its first large-scale asset – the Asempanaye concession in the Asante Akim South District of Ghana. These initiatives form part of a broader growth strategy announced in June 2025 aimed at expanding the company’s asset base from two clusters through additional exploration across its six cluster mining concessions. At AMW 2025, the company presented its in-house program designed to empower artisanal and small-scale miners, contributing to Ghana’s broader industry formalization agenda.

At AMW2026, Typhoon is expected to showcase progress made in advancing these initiatives while unveiling new investment and partnership opportunities across its growing portfolio of mining assets.

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

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Business

City of Cape Town backs Converge Africa 2026 to accelerate digital commerce growth

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City support strengthens Cape Town’s position as a gateway for digital trade, innovation and cross-border commerce in Africa

Cape Town is the ideal place for this gathering and its engagements between tech entrepreneurs and thought-leaders in the public and private sector

CAPE TOWN, South Africa, April 22, 2026/APO Group/ –As Africa’s digital economy moves towards a multi-billion-dollar opportunity, cities are increasingly becoming the catalysts for innovation, investment and cross-border trade. In this context, the support of the City of Cape Town for Converge Africa 2026 signals a strategic commitment to positioning Cape Town as a leading hub for digital commerce on the continent.

 

Taking place from 4 – 6 May 2026 at the Cape Town International Convention Centre, Converge Africa brings together the continent’s most influential leaders across eCommerce, fintech, payments, logistics, digital marketing and cybersecurity.

At its core, the event is driven by a unifying industry imperative:
“Frictionless digital commerce. Transacting seamlessly, without borders.”

A city enabling the future of commerce

The City of Cape Town’s role as a supporting partner reflects a broader vision to attract investment, enable innovation and strengthen the region’s position within Africa’s digital economy.

As digital commerce continues to evolve, cities that create the right environment for collaboration between corporates, start-ups and global technology providers will lead the next phase of growth. Cape Town has increasingly established itself as one of those environments.

By supporting Converge Africa, the City is not only endorsing the event, but actively contributing to driving international and regional business into the Western Cape and showcasing Cape Town as a gateway for digital trade into Africa.

“The City eagerly welcomes the return of Converge Africa to Cape Town. Communities all across the continent are exceptionally active in the e-commerce space, whether as businesses or consumers. Cape Town is the ideal place for this gathering and its engagements between tech entrepreneurs and thought-leaders in the public and private sector,” said Alderman James Vos, the City of Cape Town’s Mayoral Committee Member for Economic Growth.

Converging the full digital commerce ecosystem

Converge Africa is designed as a fully integrated ecosystem, bringing together more than 1,400 attendees from over 700 organisations.

The event spans five core pillars: Payments & Fintech, eCommerce, Digital Marketing, Fulfilment & Logistics, and Digital Security.

This convergence reflects a fundamental shift in how commerce operates today. No part of the customer journey exists in isolation, and the ability to connect systems, platforms and experiences is now central to growth.

Converge Africa combines a dynamic exhibition floor, curated content stages, hands-on workshops and high-value networking opportunities, creating a platform where insight, innovation and business connection come together in one place.

Addressing Africa’s real commerce challenges

Across the continent, the barriers to digital commerce are no longer about access alone, but about reducing friction. These include payment acceptance gaps, cross-border complexity, fraud and trust challenges, and fragmented customer experiences.

Converge Africa provides a platform where these challenges are not only discussed, but actively addressed through practical insight, partnerships and solutions.

A platform for leadership and collaboration

The 2026 edition features a high-calibre speaker line-up from leading global and African organisations.

Confirmed speakers include:

  • Ajay Moti, Head of Global Card Networks, Booking.com
  • Hannes Wessels, General Manager South Africa, Binance
  • Kerissa Varma, Chief Security Advisor Africa, Microsoft
  • Joshua Suckerman, Digital Product Manager: API Marketplace & Payments, Absa
  • Zain Naidoo, Head of Digital Marketing, Dis-Chem Pharmacies
  • Grant Paul Roy, Chief CX Officer, Superbalist

These voices are complemented by leaders from organisations such as Pick n Pay, Nedbank, Vodacom, Spur Group and Kimberly-Clark, offering a multi-dimensional perspective on the future of commerce in Africa.

Driving impact beyond the event

Converge Africa is not just a conference; it is a platform for economic enablement.

Through curated networking, valuable meeting introductions and interactive workshops, the event is designed to facilitate real business outcomes, partnerships and investment opportunities.

The support of the City of Cape Town reinforces the importance of this platform in shaping the region’s digital economy and ensuring that local and international businesses can connect, collaborate and scale.

A shared ambition for growth

As Africa’s commerce landscape continues to evolve, the role of cities, industry leaders and enabling platforms becomes increasingly interconnected.

Converge Africa provides the platform. Cape Town provides the environment. Together, they represent a shared ambition to position the region at the forefront of Africa’s digital commerce growth story.

View the event programme: http://apo-opa.co/42lez6L

Ticket Options: https://apo-opa.co/4eyhPmD

Distributed by APO Group on behalf of VUKA Group.

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