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 Eastern and Southern African Trade and Development Bank (PTA Bank) (www.PTAbank.org), which mandate is to finance and foster trade, socio-economic development and regional economic integration across the member countries.
The MoU envisages bilateral cooperation between ICD and PTA Bank in order to promote and facilitate the execution of their respective mandates through financing and investments in their common member countries.
Mr. Khaled Al Aboodi, the Chief Executive Officer and General Manager of ICD, and Mr, Admassu Tadesse, President and CEO of PTA Bank, signed the MoU.
During the signing ceremony, Mr. Khaled Al-Aboodi commented: “one of the main activities of ICD is to support economic development and promote the development of the private sector in the member countries. We are sure that our cooperation with PTA Bank will lead us to better serve our common goals through providing financing facilities and investments”.
Mr. Admassu Tadesse said, “We see many benefits in this new partnership with ICD, which covers several areas, including co-financing, lines of credit, treasury and risk sharing. Our cooperation will also open more opportunities 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, Aa3/P1 by Moody’s and A+ by standard & Poor’s.. For more information, visit www.ICD-PS.org.
About Eastern and Southern African Trade and Development Bank (PTA Bank):
Headquartered in Bujumbura (Burundi), the Eastern and Southern African Trade and Development Bank commonly known, as PTA Bank (www.PTAbank.org) is an African regional development financial institution established in 1985. The Bank’s mandate is to finance and foster trade, socio-economic development and regional economic integration across its Member States Although PTA Bank is an institution of the Common Market for Eastern and Southern Africa (COMESA), its membership is open to Non-COMESA States, non-regional countries as well as institutional shareholders. It offers a broad range of products and services, across both the private and public sectors, including debt, equity and quasi-equity as well as guarantees. PTA Bank’s investments cut across agriculture, trade, industry, infrastructure, energy and tourism, among others and are made on a commercial basis and sustainability principles.