A Memorandum of Understanding (MoU) was signed between, the Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org), the private sector arm of Islamic Development Bank (IDB) Group, and the Islamic Organization for Food Security (IOFS), a specialized organisation responsible for activities in the field of food security, sustainable agriculture and rural development.
The MoU envisages cooperation to explore the feasibility of establishing a viable financing platform and business model for mutual collaboration in implementation of food security, agriculture and rural development projects and initiatives. Under the agreement, co-operation will also be achieved through Identifying projects and programmes for financing and co-financing in food security, agriculture and rural development, in accordance with the respective policies of each institution.
Mr. Khaled Al Aboodi, the Chief Executive Officer and General Manager of ICD, and Mr, Yerzhan Jalmukhanov, Director General of IOFS, signed the MoU.
During the signing ceremony, Mr. Khaled Al-Aboodi commented: “we are pleased to find common ground to work with IOFS. The cooperation between ICD and IOFS will rend our respective activities more effective and beneficial to the private sector in the countries in which we undertake our operations”.
Mr. Yerzhan Jalmukhanov said, “We realize the many benefits of our close and continuing collaboration with ICD in enhancing the realization of our objectives. We believe that our cooperation will foster our joint operations, but will also promote food security and expand the financial products and services offered to private sector investors in our common member countries.”
Distributed by APO on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
About the Islamic Corporation for the Development of the Private Sector (ICD):
ICD (www.ICD-PS.org) is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments, which are in accordance with the principles of Shari’a. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information, visit www.ICD-PS.org.
About Islamic Organization for Food Security (IOFS):
IOFS is a specialized institution, headquartered in Astana, Republic of Kazakhstan. It provides expertise and technical know-how to member states on the various aspects of sustainable agriculture, rural development, food security, and biotechnology including addressing the problems posed by desertification, deforestation, erosion and salinity as well as providing social safety nets.