By Josephine Akaerr, Special Correspondent
The President of the Islamic Development Bank Group (IsDBG) H. E. Dr Bandar Hajjar and the CEO of the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of IsDBG, Ayman Amin Sejiny signed an Agency Agreement for the implementation of IsDB Group’s R2 COVID Support Package, which will assist IsDBG member countries to restore their economies and recover from the impact resulting from the COVID-19 pandemic.
The Agency Agreement is a manifestation of H.E. the President’s vision to improve intra-group collaboration and create room for cooperation with other MDBs and IFIs. It is also in line with ICD’s new strategic direction which gives utmost importance to synergy and partnership with other IsDB Group Entities and other MDBs.
In accordance with the Agency Agreement, ICD is offering its expertise in implementation of R2 “Restore Programme” COVID-19 Support in the area of Line of Finance transactions. ICD will further strengthen its relationship with governments of the member countries, which will open doors for future cooperation opportunities and policy dialogues for the promotion of Islamic Finance/Banking and support private sector development and job creation. Moreover, where possible, ICD will mobilize additional resources from the market leveraging on its network and syndication skills.
On this occasion H.E Dr Bandar stated: “Today, we set the tone for a new type of intra-group cooperation beyond the IsDB’s R2 programme. By agreeing on a clear accountability framework assigning roles and responsibilities between IsDB and ICD, we are on the path of mainstreaming group synergies, which will help us go beyond our limits. As the private sector arm of the Islamic Development Bank Group, ICD will continue to make important contribution to the development of SMEs sector in our member countries through dedicated line of finance facilities”.
Sejiny commented: “We consider this initiative an important milestone in intra-group collaboration and expansion of our partnership with member countries, MDBs, IFIs and a wider community of private sector businesses as the backbone of sustainable growth. The successful implementation of this Agency Agreement will help us to introduce many other initiatives on the same platform.”