Nairobi, Kenya, 03.12.2014 - The African Union Commission (AUC) today signed a Memorandum of Understanding (MoU) with The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IDB) Group.

Encouraging cooperation between ICD and AUC, the MoU sets the stage for developing a platform through which ties between the Islamic world and the African continent would be enhanced thus contributing to promotion of development in the member countries of both entities in Africa. The two institutions will also work towards private sector development and will prepare a consolidated Plan of Action to mobilize private sector partnerships and resources for implementation in the areas of co-financing
AUC private sector projects and providing advisory services to a number of African governments, etc.

On the occasion, Mr. Khaled Al Aboodi, CEO of ICD stated that “the MoU will enhance and strengthen the coordination of complementary activities, interests and capacities between the ICD and AUC towards promoting private sector development, investment, and resource mobilization in Africa by unlocking business potentials including mobilizing foreign direct investment in various economic sectors within the key priority sector programs and projects identified by the ICD and AUC.”

The AUC Deputy Chairperson Erastus Mwencha explained that “cooperation between ICD and AUC will constitute a platform to strengthen ties between the respective regions and facilitate a consultative / advisory process to address issues that stand in the way of promoting investment and trade flows amongst member countries of ICD and AUC. The MoU will also provide a general framework to facilitate their cooperation by enhancing economic, financial and social development and set out a common
approach to support private sector development.”

The MoU was signed during the 7th Africa Private Sector Forum, the major annual gathering of African Private Sector institutions that play constructive roles in promoting inclusive growth and creating employment, thereby ensuring Africa’s sustainable development and economic transformation. During this event, African and International private stakeholders link and exchange views and experiences on continental business and investment climate and map out innovative strategies conducive to business
and investment promotion.