The Islamic Society 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) signed a memorandum agreement (MoU) to establish a framework for cooperation between the two parties for the pursuit 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, President of the Federation of Egyptian Industries.
Under the MoU, the two sides will cooperate to explore the possibility of supporting the introduction of DCI programs in FEI member companies in Egypt. Areas of cooperation include encouraging local and cross-border investments, introducing DCI programs related to SMEs, women and young entrepreneurs, disseminating information on DCI activities in Egypt and / or in any other Islamic country to share experiences and facilitate Egyptian businesses with different backers. mechanisms provided by the DCI to penetrate new markets with the members of the IDB, whether at the level of investment and / or financing.
Other areas of cooperation include the exchange of 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 of the DCI and we hope, through this partnership, to increase our presence in Egypt. This MoU will significantly improve the development of an alternative investment market in Egypt and facilitate economic development resulting in a strong private sector. As such, this partnership fits perfectly with the long term goals of the ICD, and we are happy to work with FEI in the realization of this noble cause. “
Mr. El Sewedy commented: “We are delighted to support the ICD. This MoU will help Egypt, as a key member country of the DCI, meet its industrial challenges. In addition, it will be a step towards strengthening and deepening our continued collaboration in the context of the development of the Egyptian economy and allowing large industrial companies to access financing “
In addition, both sides recognize the growth potential and investment opportunities in DCI member countries and intend to cooperate and work closely to raise awareness among Egyptian companies under FEI member chambers. various DCI programs and other investment opportunities or transactions of mutual interest to both parties.
(With contributions from APO)