ICD and OFID boost strategic partnership

Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), and the OPEC Fund for International Development (OFID) have signed an agreement for mutual cooperation and collaboration for the purpose of furthering the respective institutions’ mandate and objectives.
Khaled Al-Aboodi, ICD’s CEO and general manager, Suleiman J. Al-Herbish, OFID director-general, inked the cooperation agreement in Jeddah on the sidelines of the Islamic Development Bank Group’s annual meeting which also marked the 40th anniversary of the IDB.
The signing took place in the presence of Ahmed Mohamed Ali. president of IDB.
The cooperation agreement signifies an important milestone for ICD and OFID in jointly collaborating to carry joint operations, expand financial products and exchange information on modalities for enhanced and efficient interventions in the development of the private sector in their common countries of operations.
Speaking during ceremony, Khaled Al-Aboodi, CEO and general manager of ICD, said: “The agreement will strengthen and deepen the ICD’s relationship with one of the global key developmental financial institutions, especially to promote cross-border investment in the ICD member countries and sharing of Islamic finance knowledge and expertise.”
The CEO said: “The parties intend to leverage each other strengths and expertise especially to expand its Islamic finance activities in the ICD member countries.”
He said: “OFID has been a key partner of ICD where the two institutions have already worked together in transactions such as in Yemen and Pakistan.”
The CEO said: “The signing of this agreement will further enhance the collaboration of the two institutions and increase the level of interventions toward the development of the private sector in ICD member countries.”

The OPEC Fund for International Development (OFID) is the development finance institution established by the member states of OPEC in 1976 as a collective channel of aid to the developing countries.
OFID works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. It does this by providing financing to build essential infrastructure, strengthen social services delivery and promote productivity, competitiveness and trade. OFID’s work is people-centered, focusing on projects that meet basic needs — such as food, energy, clean water and sanitation, health care and education — with the aim of encouraging self-reliance and inspiring hope for the future.