Gov’t Partners with ICD to Boost Development and Investment

The government has strengthened its economic ties with the Islamic Corporation for the Development of the Private Sector (ICD) by signing two Memoranda of Understanding (MOUs). The agreements, signed on the sidelines of the Islamic Development Bank (IsDB) Group’s Annual Meetings in Riyadh, Saudi Arabia, designate the Maldives’ Finance Ministry as a key collaborative partner.

Finance Minister Dr. Mohamed Shafeeq represented the Maldives in formalising the agreements. Acting Chief Investment Officer (CIO) of ICD, Bahaa Aldin Kirimly, signed on behalf of Acting CEO of ICD, Eng. Hani Salem Sonbol.

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The first MOU sets out a framework for cooperation between the Maldives and ICD. The aim is to identify investment, financing, advisory, and technical assistance opportunities within ICD member countries and promote sustainable development across the region.

The second MOU focuses on exploring potential co-investment opportunities with the ICD in the establishment of an Islamic bank in Uzbekistan, offering a specialized form of banking for those seeking Shariah-compliant financial services.

The signing took place during the IsDB Group’s Annual Meetings, which also marked the bank’s Golden Jubilee. Delegations from 57 member countries, alongside representatives from international financial institutions, the private sector, and NGOs, attended this significant event.

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