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The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org), the private sector arm of the Islamic Development Bank Group (IsDBG), and the Federation of Egyptian Industries (FEI) have signed a Memorandum of Understanding (MoU) to establish a framework of cooperation between the two parties for the furtherance of their respective mandates in several areas of financing and investments.
The MoU was signed by Mr. Ayman Amin Sejiny, CEO of ICD and Eng. Mohamed Zaki El Sewedy, Chairman of the Federation of Egyptian Industries.
Under the MoU both parties will co-operate in exploring the possibility of supporting the introduction of ICD’s programs to FEI member enterprises in Egypt. The areas of cooperation include encouraging local and cross border investments, introduction of ICD’s programs related to SMEs, women and young entrepreneurs, disseminating information about ICD’s activities in Egypt and/or any other Islamic countries to share experiences and facilitating Egyptian enterprises with different support mechanisms delivered by ICD to penetrate new markets from IsDB members, whether at the level of investment and/or financing.
Other areas of cooperation include exchanging information on opportunities available in Egypt for investors from ICD member, countries, as well as opportunities available for Egyptian investors and manufacturers in other Islamic countries.
Mr. Sejiny said: “Egypt is a key strategic member country for ICD and we hope, via this partnership, we will increase our presence in Egypt. This MoU will greatly enhance the development of an alternative investment market in Egypt and facilitate economic development resulting in a robust private sector. As such, this partnership perfectly suits the long-term goals of the ICD, and we are happy to be working with FEI toward the achievement of this worthy cause”
Mr. El Sewedy commented: “We are delighted to bring our support to ICD. This MoU will help Egypt, as a key member country of the ICD, to address its industrial challenges. In addition, it will be a step towards strengthening and deepening our further collaboration in context of development of the economy of Egypt and enabling big industrial corporation access to finance”
Additionally, both parties recognize the growth potential and investment opportunities in ICD member countries and intend to cooperate and work closely together in raising awareness of the Egyptian enterprises under FEI member chambers about the different programs under ICD and other investment opportunities or transactions of mutual interest to both parties.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
About Federation of Egyptian Industries (FEI): FEI is Egypt’s largest employers’ organization, established in 1933, with 19 industrial chambers as members, representing over 102,000 industrial enterprises, accounting for more than 7 million workers and 20% of the national economy. FEI has been carrying out its responsibilities in defending and supporting Egyptian industries. Firmly believing in industry as a pillar of sustainable development in the country, and as a tool to alleviate poverty and attain prosperity
FEI provides facilitating access to essential knowledge, information, advice and consultations services. Promoting economic development via advancing the usage of clean&innovative technologies, supporting entrepreneurship and initiatives for marginalized sectors, forging&strengthening cooperation and alliances with international organizations&institutions. Extending training&capacity building opportunities. Supporting business development needs
About Islamic Corporation for the Development of the Private Sector (ICD): The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies, and encouraging cross border investments. ICD is Rated A2’ by Moody’s, ‘A-’ by S&P and, A+ by Fitch. ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive. For more information, visit: www.ICD-PS.org