A Memorandum of Understanding (MOU) was recently signed between the Islamic Corporation for the Development (ICD) of the Private Sector and the China-Africa Development Fund (CADF).
The MOU will enable trade, investment and economic growth to come to 19 African countries and their small to medium business enterprises (SMEs).
The memorandum was signed by a number of individuals, including the CEO and general manager of ICD, Khaled Al Aboodi, as well as the president of CADF, Shi Jiyang.
CADF is an equity firm that is based out of Beijing and works within Africa.
Moving forward, the capacity-building measures and research that is done will focus on better service to the target market and support of SMEs, which are incredibly important to maintaining GDP growth.
Both parties believe that the MOU will be beneficial as the economies of Africa continues to evolve.
“We share the vision of promoting trade, foreign direct investment and inclusive economic growth on a continent which is full of potential,” Aboodi said.
Jiyang added that by bringing together the knowledge of both ICD and CADF, private investment and entrepreneurship will be encouraged.
“It will not only help stimulate business and investment in Africa moving forward, but it will also contribute to the sustainable economic development of the selected African countries,” Jiyang said.
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