ICD signs MoU with China-Africa Development Fund to boost infrastructure investment, growth
At the side lines of the landmark IsDB 42nd Annual Meeting in Jeddah, a memorandum of understanding (MoU) was signed between the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group and China-Africa Development Fund (CADFund), a Beijing-based private equity firm and subsidiary of the China Development Bank which focuses on Africa.
“ICD and CADfund share the vision of promoting foreign direct investment, trade, and inclusive economic growth on a continent which is full of potential. By joining forces, we can better combine our expertise and commitment to achieve greater economic prosperity for the benefit of all. Additionally, ICD's commitment to accelerate infrastructure development in Africa and specifically sub-Saharan Africa will bring the at least the basic level of energy, transportation, medical and educational needs of citizens of African member countries,” said Khaled Al Aboodi, the Chief Executive Officer and General Manager of ICD.
The envisaged cooperation reflects ICD and CADFund’s goal of developing and establishing a strategic framework that focuses on improving the efficiency and efficacy of resource mobilisation with third-party investors interested in participating and investing in the African Islamic Infrastructure Financing Fund (AIIFF). In addition, CADFund plans to work with ICD in the establishment of the AIIFF and/or with the AIIFF (following its incorporation) on promoting and financing infrastructure development projects in Africa.
The MoU was signed Al Aboodi, and Shi Jiyang, President and Chief Executive Officer of CADFund.
“It certainly comes as no news that Africa’s rating on the global infrastructure development index is significantly behind. By driving investments targeting infrastructure development projects in Africa, we will not only improve infrastructure and address the huge chasm, but we will also be contributing to economic growth thus further transforming the region. We look forward to a long-term partnership with the ICD,” Shi Jiyang said.