The Islamic Corporation for the Development of the Private Sector (ICD) and the Black Sea Trade and Development Bank (BSTDB) Ink an Agreement to Boost Regional Trade and Investments
Press Release | 19-May-2016
At the side lines of the Islamic
Development Bank (IDB) Group 41st Annual Meeting in Jakarta, a
memorandum of understanding (MoU) was signed between the Islamic Corporation
for the Development of the Private Sector (ICD), the private sector arm of IDB
Group and the Black Sea Trade and Development Bank (BSTDB), a multilateral
financial institution headquartered in Thessaloniki, Greece.
The MoU reaffirms the commitment of BSTDB and
ICD to the objective of sustainable economic and social development and
emphasizes the importance of effective economic cooperation through undertaking
research and capacity-building programs in order to better serve common member
countries in the Black Sea region – Albania, Azerbaijan and Türkiye. ICD and
BSTDB will facilitate trade and investments in these countries through co-financing
and co-investment projects and by supporting joint networking opportunities, with
the aim of promoting inclusive growth. In addition, SMEs in the region will
also benefit from efforts that will be focused on easing their financial
burden, including financing businesses both directly and through financial
institutions.
The MoU was signed by Dr. Ihsan Ugur
Delikanli, President of BSTDB and Mr. Khaled Al Aboodi, the Chief Executive Officer and General Manager of
ICD.
During the signing ceremony, Mr. Khaled
Al-Aboodi expressed his strong support for the partnership, stating: “ICD and BSTDB
are founded on similar principles and mandate, and today’s signing is a step in
the right direction to facilitating faster growth of trade and investment opportunities
in the Black Sea region. I look forward to both institutions working in a
collaborative and complementary way to effectively address some of the needs
and concerns of the region.”
Dr. Ihsan Ugur Delikanli said, “I believe
this collaboration is an important platform to harness the synergies and
cooperation potential of our two development financial institutions. I am confident
that by working together, we will advance regional economic progress, achieve
tangible results, and move forward towards a brighter future.”
----------------------------------------------------END-----------------------------------------------------
About the Islamic
Corporation for the Development of the Private Sector (ICD)
ICD is a multilateral organization and a
member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to
support economic development and promote the development of the private sector
in its member countries through providing financing facilities and/or
investments which are in accordance with the principles of Sharia’a. ICD also
provides advice to governments and private organizations to encourage the
establishment, expansion and modernization of private enterprises. ICD is rated
AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information, visit www.icd-ps.org
About Black Sea Trade and Development Bank (BSTDB)
The Black Sea Trade and
Development Bank (BSTDB) is an
international financial institution established by Albania, Armenia,
Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and
Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports
economic development and regional cooperation by providing loans, credit lines,
equity and guarantees for projects and trade financing in the public
and private sectors in its member countries. The authorized capital of the Bank
is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and
“A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.
For further information please contact:
Islamic Corporation
for the Development of the Private Sector (ICD)
Ahmed A Khalid / Nabil Al-Alami
Regional Head – Asia / Head, Marketing
E-mail: aabdulkhalid@isdb.org
/ nalami@isdb.org
Black Sea Trade
and Development Bank
Haroula
Christodoulou, Principal Associate- External Relations and Media
E-mail: cchristodoulou@bstdb.org
|
