JEDDAH, 3 October 2006 — The Islamic Corporation for the Development of the Private Sector (ICD) and the Saudi Fund for Development (SDF) have signed an agreement, which will enable the SDF to provide a line of financing to ICD projects.
Islamic Development Bank President and ICD Chairman Dr. Ahmad Mohammad Ali and Yousef Ibrahim Al-Bassam, vice chairman and managing director of SDF, signed the agreement on Sunday at the IDB headquarters here. The ICD is an affiliate of the IDB. SDF agreed to provide $25 million to finance the import of ICD projects into member countries from Saudi Arabia. SDF signed the deal as part of its Saudi Export Program.
The agreement is expected to improve trade and investment among member countries of IDB and ICD through provision of finance to projects that require import of equipment and capital goods from the Kingdom.
During the ceremony, Al-Bassam stressed the importance of cooperation between SDF and IDB/ICD. “Our export program has proved to be a success, and we hope to continue our success with IDB and its affiliates,” he added.
Dr. Ali Soliman, ICD CEO and general manager, Khaled Al-Aboodi, deputy general manager, and other ICD officials were also present.
