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AKIPRESS.COM - The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group, has signed Memorandum of Understanding (MOU) with Russian-Kyrgyz Development Fund (RKDF) in order to identify projects and programmes for financing and co-financing in financial sector in accordance with the respective policies of each institution.
The MoU envisages enhancing trade and investment opportunities in the country through co-financing and co-investments, with the aim of promoting inclusive growth and financial inclusion. Research collaboration and capacity-building programs that are tailored and demand-driven will also be conducted to better serve target markets. In addition, efforts will be focused on boosting support for Russian small-and-medium enterprises (SMEs), widely recognized as an important economic driver and key contributor to sustainable GDP growth.
The MoU was signed by Mr. Khaled Al Aboodi, the Chief Executive Officer and General Manager of ICD, and Mr. Kubanychbek Kulmatov, Chairman of the RKDF.
During the signing ceremony, Mr. Khaled Al-Aboodi commented: “ICD and RKDF are founded on similar principles and mandate. We share the vision of promoting trade, foreign direct investment and inclusive economic growth on a country, which is full of potential. By joining hands, we can better combine our expertise and commitment to achieve greater economic prosperity for the benefit of all. Additionally, as we focus on the SME sector, we hope to unleash entrepreneurial energy and help attract private investment in ideas that are new, inspiring, and useful.”
Mr Kubanychbek Kulmatov noted that this Memorandum will allow developing joint steps, various financial instruments and applying the long-term experience of ICD for business opportunities in Kyrgyzstan".
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.