ICD aims to enhance trade in Africa with MOU

The Islamic Corporation for the Development of the Private Sector (ICD) recently signed a Memorandum of Understanding with the China-Africa Development Fund (CADFund) to enhance trade and investment opportunities throughout Africa.

Through co-financing and co-investments, the two groups plan to promote inclusive growth and financial inclusion. The organizations will work in harmony to provide research and capacity-building programs in various African markets.

“ICD and CADfund are founded on similar principles and mandate,” Khaled Al Aboodi, CEO and general manager of ICD, said. “We share the vision of promoting trade, foreign direct investment and inclusive economic growth on a continent, which is full of potential. By joining hands, we can better combine our expertise and commitment to achieve greater economic prosperity for the benefit of all. Additionally, as we focus on the SME sector, we hope to unleash entrepreneurial energy and help attract private investment in ideas that are new, inspiring and useful.”

ICD is the private sector arm of the Islamic Development Bank. CADFund is a private equity firm located in Beijing that focuses on the African continent.