An agency agreement has been signed between the Islamic Development Bank (IsDB) Group and the Islamic Corporation for the Development of the Private Sector (ICD) to leverage the services of Thiqah, the IsDB Group business forum, for the promotion of cross-border investment and trade among the group’s member countries.
The move underscores the importance of the role of the private sector in sustainable development, job creation and promotion of investment and trade among IsDB’s member countries.
The agreement, signed between IsDB president Dr. Bandar Hajjar and ICD CEO Ayman Sejiny, reaffirms Thiqah’s efforts to promote and attract foreign direct investment in member countries, transfer know-how and open new markets to investors. In addition, it sets the ground for the establishment of a unique and innovative platform for effective dialogue, cooperation, and inclusive partnership for the IsDB Group and business leaders committed to partnering in promising investment opportunities.
Thiqah is well positioned to play a catalytic role in attracting the private sector and market resources into the IsDB Group and projects emanating from member countries and programs within the framework of the new President 5-Year Program (P5P) business model.
Dr. Hajjar said: “I was impatient to see Thiqah coming aboard. Indeed, each of our entities has a crucial role in this new vision of IsDB Group. We count on all the entities to capitalize on their network to considerably complement and scale up IsDB Group’s vision and strategy. We also rely on each entity’s years of experience to implement IsDB Group’s programs.”
Sejiny added: “Thiqah organized and promoted more than 100 events last year. It will also build on its experience to organize several business forums this year as part of the agency agreement to support the IsDB’s ‘Restore Program’ and Member Country Partnership Strategy (MCPS) 2.0.
“Thiqah formalizes its excellent cooperation in promoting and maximizing cross-border investment and trade among member countries to be supported by IsDB Group’s financial products and services.”
The agency agreement highlights Thiqah’s determination to foster a stronger strategic partnership with leaders of the private sector in order to capitalize on their expertise and know-how on one hand, and to synergize with IsDB Group entities, on the other.