ICD and BNI sign a cooperation agreement
The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB) has signed an agreement with the Banco Nacional de Investimento (BNI) to cooperate in the development of the private sector in Mozambique.
Under the terms of the agreement signed in Maputo on 11 June 2015, the two institutions will collaborate in joint operations, expand financial products and exchange information on modalities for enhanced and efficient interventions for private sector development in Mozambique.
On behalf of Mr. Khaled Al Aboodi, the CEO and General Manager of ICD, Mr Juanito Juan Limandibhratha, the Director of Risk Management Department in ICD and Tomas Matola, the CEO of BNI, signed the agreement on behalf of their respective institutions.
Information Sharing
According to the agreement, ICD and BNI will share information on projects and business opportunities in Mozambique and on participation in the arrangement of syndications or investment in funds. They will also cooperate in structuring sukuk/debt capital market transaction opportunities, co-invest in Islamic leasing companies in Mozambique.
In addition, they will explore the possibilities of financing BNI’s activities through Line of Finance and partnering on ICD’s initiative to establish a SME fund in Mozambique.
Mr. Khaled Al Aboodi, the CEO of ICD commented, “Mozambique and Africa are key strategic directions for ICD and we hope, via this partnership, we will increase our presence in the Mozambique”.
“We are very keen to collaborate with ICD in fostering the Mozambican private sector. Diversification of source of funding is key for Mozambique. ICD and BNI with this partnership will increase the financial products and services offer in the country.” said Tomas Matola, CEO of BNI.
