The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org), the private sector arm of the Islamic Development Bank Group (IsDBG), and the Federation of Egyptian Industries (FEI) have signed a Memorandum of Understanding (MoU) to establish a framework of cooperation between the two parties for the furtherance of their respective mandates in several areas of financing and investments.
The MoU was signed by Mr. Ayman Amin Sejiny, CEO of ICD and Eng. Mohamed Zaki El Sewedy, Chairman of the Federation of Egyptian Industries.
Under the MoU both parties will co-operate in exploring the possibility of supporting the introduction of ICD’s programs to FEI member enterprises in Egypt. The areas of cooperation include encouraging local and cross border investments, introduction of ICD’s programs related to SMEs, women and young entrepreneurs, disseminating information about ICD’s activities in Egypt and/or any other Islamic countries to share experiences and facilitating Egyptian enterprises with different support mechanisms delivered by ICD to penetrate new markets from IsDB members, whether at the level of investment and/or financing.
Other areas of cooperation include exchanging information on opportunities available in Egypt for investors from ICD member, countries, as well as opportunities available for Egyptian investors and manufacturers in other Islamic countries.
Mr. Sejiny said: “Egypt is a key strategic member country for ICD and we hope, via this partnership, we will increase our presence in Egypt. This MoU will greatly enhance the development of an alternative investment market in Egypt and facilitate economic development resulting in a robust private sector. As such, this partnership perfectly suits the long-term goals of the ICD, and we are happy to be working with FEI toward the achievement of this worthy cause”
Mr. El Sewedy commented: “We are delighted to bring our support to ICD. This MoU will help Egypt, as a key member country of the ICD, to address its industrial challenges. In addition, it will be a step towards strengthening and deepening our further collaboration in context of development of the economy of Egypt and enabling big industrial corporation access to finance”
Additionally, both parties recognize the growth potential and investment opportunities in ICD member countries and intend to cooperate and work closely together in raising awareness of the Egyptian enterprises under FEI member chambers about the different programs under ICD and other investment opportunities or transactions of mutual interest to both parties.