Jeddah, Kingdom of Saudi Arabia, 14 February 2021 – To underscore the importance of the role of the private sector in sustainable development, job creation and promotion of investment and trade amongst Member Countries of the Islamic Development Bank (IsDB) Group, an Agency Agreement has been signed between IsDB and the Islamic Corporation for the Development of the Private Sector (ICD) to benefit from the IsDB Group Business Forum – THIQAH.

The agreement signed between IsDB President, Dr. Bandar Hajjar, and ICD CEO, Mr. Ayman Sejiny, reaffirms THIQAH’s efforts to promote and attract foreign direct investment (FDI) in Member Countries, transfer know-how, and open new markets to investors. In addition, it sets the ground for establishment of a unique and innovative platform for effective dialogue, cooperation, and inclusive partnership for IsDB Group and business leaders committed to partnering in promising investment opportunities.

THIQAH has been well positioned to play a catalytic role in attracting the private sector and market resources into IsDB Group and projects emanating from member countries and programs within the framework of the New President 5-Year Program (P5P) Business Model.

On the occasion, Dr. Hajjar stated: “I was impatient to see THIQAH coming aboard. Indeed, each of our entities has a crucial role in this new vision of IsDB Group. We count on all the entities to capitalize on their network to considerably complement and scale up IsDB Group's vision and strategy. We also rely on each entity's years of experience in their respective expertise to implement IsDB Group's programs.”

Mr. Ayman Sejiny, meanwhile, said: “THIQAH organized and promoted more than 100 events last year. It will also build on its experience to organize several business forums this year as part of the Agency Agreement to support the IsDB’s ‘Restore Program’ and Member Country Partnership Strategy (MCPS) 2.0. THIQAH formalizes its excellent cooperation in promoting and maximizing cross-border investment and trade among Member Countries to be supported by IsDB Group’s financial products and services.”

The Agency Agreement notably highlights THIQAH’s determination to foster a stronger strategic partnership with leaders of the private sector in order to capitalize on their expertise and know-how on one hand, and to synergize with IsDB Group entities on the other.