Jakarta, Indonesia 12 May 2011: The Islamic Cooperation for the Development of the Private Sector (“ICD”), the private sector arm of the Islamic Development Bank Group (“IDB”), has signed a Strategic Partnership Agreement (“SPA”) with Lembaga Pembiayaan Ekspor Indonesia (“Indonesia Eximbank”), to jointly explore investment opportunities in Indonesia and other IDB Member Countries.

This SPA was signed by Mr. Khalid Al-Aboodi, CEO of ICD and I Made Gde Erata, Chief Executive Officer (CEO) of Indonesia Eximbank during the launch of the IDB Group Member Country Partnership Strategy in Jakarta, Indonesia on 11 May 2011. Both parties agree to undertake joint strategic collaboration in the co-financing of selected Indonesia projects as well as syndication and other related areas that benefits the private sector as well as the country. This will also pave the way for Indonesia private sector in expanding their business to new and emerging markets especially to OIC countries

The signing ceremony was witnessed by the President of IDB Group, Minister of Finance, Minister of Development Planning, and Coordinating Minister for Economic Affairs of Indonesia. Present at the signing ceremony were the senior representatives of both ICD and Indonesia Eximbank.

Indonesia Eximbank is a special financial institution establish and owned by the Government of Republic of Indonesia and established by Act of Republic of Indonesia Number 2 Year 2009 concerning Lembaga Pembiayaan Ekspor Indonesia. The scope of work of the Indonesia Eximbank in facilitating national export financing extends from financing, guarantee and insurance, as well as consultation services. It also can provide national export financing under the frameworks of both conventional financing or Sharia-based financing.
Mr. Khalid Al-Aboodi remarked that this SPA strengthens the relationship between ICD and its key member country, Indonesia. It also provides a good platform for both parties to initiate more investment activities within Indonesia, OIC member countries and beyond. He also remarked that ICD looks forward to cooperate in creating value in a significant way. He further added that IDB Group and Indonesian businessmen could further capitalize on their respective comparative advantage, thereby strengthening the linkages between Indonesia and other OIC member countries.