Friday, June 12, 2015 11:43 AM / News
The Islamic Corporation for the Development of the Private Sector (ICD) and the Banco Nacional de Investimento (BNI) agree to cooperate in private sector development in Mozambique
In the signing session of the 40th IDB Group Annual Meeting, the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), sign agreement with the Banco Nacional de Investimento (BNI) to cooperate in the development of the private sector in Mozambique.
Under the terms of the agreement signed in Maputo on 11 June 2015, 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
On behalf of Mr. Khaled Al Aboodi, the CEO and General Manager of ICD, Mr Juanito Juan Limandibhratha, the Director of Risk Management Department in ICD and Tomas Matola, the CEO of BNI, signed the agreement on behalf of their respective institutions.
According to the agreement, 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. They will also cooperate 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.
Mr. Khaled Al Aboodi, the CEO of ICD commented, “Mozambique and Africa are key strategic directions for ICD and we hope, via this partnership, we will increase our presence in the Mozambique”.
“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.” said Tomas Matola, CEO of BNI.
About the Islamic Corporation for the Development of the Private Sector (ICD)
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization, part of the Islamic Development Bank (IDB) Group. ICD was established in November 1999 to promote economic development of its member countries in accordance with the principles of the Sharia through private sector development. ICD encourages the establishment, expansion and modernization of private enterprises through financing private sector enterprises or projects. Projects are selected on the basis of their contribution to economic development considering factors such as creation of employment opportunities and contribution to exports. ICD also provides advice to governments and private sector groups on policies to encourage the establishment, expansion and modernization of private enterprises, development of capital markets, best management practices and enhance the role of market economy. ICD operations complement the activities of the IDB.
About the Banco Nacional de Investimento (BNI)
BNI is Mozambique´s only development and investment Bank owned by the Government, committed to financing innovative projects that contribute to the sustainable development of Mozambique and to invigorating its business sector. The Bank
BNI offers a range of financial instrument and advisory services including project and structured finance, corporate finance advisory, fund management, private equity, capital market operations arrangements in Mozambique. The bank is a key partner not only for Mozambican companies and international investors but also for national and international institutions responsible for the provision and availability of financial instruments supporting development.