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ICD in key deal to develop Mozambique’s private sector

MAPUTO, Mozambique, June 12, 2015

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), has signed an agreement with the Banco Nacional de Investimento (BNI) to co-operate  in the development of the private sector in Mozambique.

Under the terms of the deal signed during the 40th IDB Group Annual Meeting in Maputo, the two institutions will collaborate in joint operations, expand financial products and exchange information on modalities for enhanced and efficient interventions for private sector development in Mozambique, said a statement.
 
ICD and BNI will share information on projects and business opportunities in Mozambique and on participation in the arrangement of syndications or investment in funds, it said.

They will also co-operate in structuring sukuk/debt capital market transaction opportunities, co-invest in Islamic leasing companies in Mozambique.

In addition, they will explore the possibilities of financing BNI’s activities through Line of Finance and partnering on ICD’s initiative to establish a SME fund in Mozambique.

Khaled Al Aboodi, chief executive officer, ICD, said: “Mozambique and Africa are key strategic directions for ICD and we hope, via this partnership, we will increase our presence in the Mozambique.”
 
Tomas Matola, CEO, BNI, said: “We are very keen to collaborate with ICD in fostering the Mozambican private sector. Diversification of source of funding is key for Mozambique. ICD and BNI with this partnership will increase the financial products and services offer in the country.” - TradeArabia News Service




Tags: | Private | ICD | sector | Mozambique |

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