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The Islamic Corporation for the Development of the Private Sector (ICD) and the Black Sea Trade and Development Bank (BSTDB) Ink an Agreement to Boost Regional Trade and Investments

By Islamic Corporation for the Development of the Private Secto
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At the side lines of the Islamic Development Bank (IDB) Group 41st Annual Meeting in Jakarta, a memorandum of understanding (MoU) was signed between the Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), the private sector arm of IDB Group and the Black Sea Trade and Development Bank (BSTDB), a multilateral financial institution headquartered in Thessaloniki, Greece.

The MoU reaffirms the commitment of BSTDB and ICD to the objective of sustainable economic and social development and emphasizes the importance of effective economic cooperation through undertaking research and capacity-building programs in order to better serve common member countries in the Black Sea region — Albania, Azerbaijan and Turkey. ICD and BSTDB will facilitate trade and investments in these countries through co-financing and co-investment projects and by supporting joint networking opportunities, with the aim of promoting inclusive growth. In addition, SMEs in the region will also benefit from efforts that will be focused on easing their financial burden, including financing businesses both directly and through financial institutions.

The MoU was signed by Dr. Ihsan Ugur Delikanli, President of BSTDB and Mr. Khaled Al Aboodi, the Chief Executive Officer and General Manager of ICD.

During the signing ceremony, Mr. Khaled Al-Aboodi expressed his strong support for the partnership, stating: “ICD and BSTDB are founded on similar principles and mandate, and today's signing is a step in the right direction to facilitating faster growth of trade and investment opportunities in the Black Sea region. I look forward to both institutions working in a collaborative and complementary way to effectively address some of the needs and concerns of the region.”

Dr. Ihsan Ugur Delikanli said, “I believe this collaboration is an important platform to harness the synergies and cooperation potential of our two development financial institutions. I am confident that by working together, we will advance regional economic progress, achieve tangible results, and move forward towards a brighter future.”

For further information please contact:

Islamic Corporation for the Development of the Private Sector (ICD)

Ahmed A Khalid / Nabil Al-Alami Regional Head — Asia / Head, Marketing E-mail: [email protected] / [email protected]

Black Sea Trade and Development Bank Haroula Christodoulou, Principal Associate- External Relations and Media E-mail: [email protected]

About the Islamic Corporation for the Development of the Private Sector (ICD)

ICD (www.ICD-ps.org) is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Sharia'a. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody's. For more information, visit www.ICD-ps.org

About Black Sea Trade and Development Bank (BSTDB)

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor's and “A2” by Moody's. For information on BSTDB, visit www.bstdb.org.