- JEDDAH: The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group, signed a Memorandum of Understanding (MOU) with the State Bank for Foreign Economic Affairs of Turkmenistan in Ashgabt, to promote mutual cooperation between ICD and the private sector particularly the small and medium enterprises (SMEs).
The MOU was signed by Khaled Al-Aboodi, CEO and General Manager of ICD and Rahimberdi J. Jepbarov, chairman of the State Bank for Foreign Economic Affairs of Turkmenistan during the second International Investment Forum of Turkmenistan.
In addition, the MOU provides a general framework to facilitate cooperation in promoting economic development and emphasize priorities for joint action on accelerating private sector contribution to the country’s GDP especially in the financial, agricultural, logistics, affordable housing, services and manufacturing industries.
Al-Aboodi stressed that this MOU reflects ICD’s commitment to further develop partnership with the private sector in the country through creation of an Investment Holding Company. ICD will also provide technical assistance and consultation on Islamic Financing framework.
“We hope this can further develop economic collaboration and establish strategic partnership in expansion or modernization of private sector companies, stimulation of investment activities, consultation on the development of Islamic regulatory framework and others,” Al-Aboodi said.