A Memorandum of Understanding was recently signed in Jeddah between Itmar Capital and the Islamic Institute for Private Sector Development (ICD) on the sidelines of the annual meetings of the Islamic Development Bank (IDB).
Under this agreement, the two financial institutions aim to strengthen their bilateral ties and develop mutual economic relations, allowing them to explore and identify investment, financing and advisory opportunities in strategic sectors such as energy transition, food security and infrastructure in Morocco and Africa. In line with their shared strategic interests, ithmar Capital’s press release said.
This signing continues the same provenance of Itmar Capital’s commitment to promote productive investments for the benefit of the national economy and its internationalization, particularly towards Africa.
Additionally, the signed agreement will see Ithmar Capital and ICD collaborate within the framework of the Africa Sovereign Investors Forum (ASIF) by identifying areas of cooperation with countries that are members of both ICD and ASIF.
“This agreement is an important step that will undoubtedly allow closer cooperation between our companies. Today’s signing will help support our efforts in energy transition and related industries, food security and infrastructure,” said Obaid Amrane, Managing Director of Ithmar Capital, at the signing ceremony.
“Also, it underscores our mutual focus on Africa and countries that are members of both the African Sovereign Investors Forum and the ICD. We look forward to working with the ICD to achieve our shared goals,” he continued.
On his part, ICD’s Acting Managing Director, Honey Salem Sonpol, expressed his happiness at the signing of the agreement with Itmar Capital.
According to him, this partnership will support and contribute to the development of the private sector in Morocco and other member countries of the ICD in Africa.
“We look forward to working with Itmar Capital and strengthening our collaboration to achieve common goals,” he said.
The Islamic Corporation for Private Sector Development (ICD) is a multilateral development finance institution and a member of the Islamic Development Bank Group (ISDB).
Created in 2011, Itmar is a strategic investment fund whose primary objective is to support Morocco’s economic development. A multi-sectoral fund, Ithmar aims to promote investment in all national strategic sectors by creating structural and transformational projects with strong impact.
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