The Eastern and Southern African Trade and Development Bank (TDB) and the Islamic Corporation for the Development of the Private Sector (ICD) have agreed to cooperate on providing finance and investment in their common member states.
The memorandum of understanding (MoU) provides a framework for both institutions with the aim of financing eligible transactions in targeted countries sponsored by the private sector or non-sovereign backed projects. It also provides for collaboration in developing capital markets through Sukuk (trust certificates) structuring and advisory services and further exploration of possible equity investment opportunities in the capital stock of TDB.
The TDB is part of the TDB Group, including Mauritius-domiciled TCI (TDB Captive Insurance).
Admassu Tadesse, TDB president emeritus and group MD, said: “Private sector financing is crucial in the achievement of long-term development goals. The partnership with ICD has the potential to boost resilience and bring about triple bottom-line impacts, and comes at a critical time as Africa rebuilds its economies, which have been severely impacted by the COVID-19 pandemic.”
investment, development, financing, Islamic, TDB, TCI captive group, Islamic Corporation for the Development, ICD, Insurance, Reinsurance, Africa