The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), the private sector arm of Islamic Development Bank (IDB) Group, has signed Memorandum of Understanding (MOU) with Russian-Kyrgyz Development Fund (RKDF) in order to identify projects and programmes for financing and co-financing in financial sector in accordance with the respective policies of each institution.
The MoU envisages enhancing trade and investment opportunities in the country through co-financing and co-investments, with the aim of promoting inclusive growth and financial inclusion. Research collaboration and capacity-building programs that are tailored and demand-driven will also be conducted to better serve target markets. In addition, efforts will be focused on boosting support for Russian small-and-medium enterprises (SMEs), widely recognized as an important economic driver and key contributor to sustainable GDP growth.
The MoU was signed by Mr. Khaled Al Aboodi, the Chief Executive Officer and General Manager of ICD, and Mr. Mr. Kubanychbek Kulmatov Chairman of Executive Management Board for and on behalf of the RKDF.
During the signing ceremony, Mr. Khaled Al-Aboodi commented: “ICD and RKDF are founded on similar principles and mandate. We share the vision of promoting trade, foreign direct investment and inclusive economic growth on a country, which is full of potential. By joining hands, we can better combine our expertise and commitment to achieve greater economic prosperity for the benefit of all. Additionally, as we focus on the SME sector, we hope to unleash entrepreneurial energy and help attract private investment in ideas that are new, inspiring, and useful.”
Mr Kubanychbek Kulmatov noted that this Memorandum will allow developing joint steps, various financial instruments and applying the long-term experience of ICD for business opportunities in Kyrgyzstan”.
Distributed by APO on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
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 Russian-Kyrgyz Development Fund
Russian Kyrgyz Development Fund provides specialized financing services for small and medium-sized enterprises in Kyrgyzstan. It provides medium- and long-term loans, through either partner banks or direct financing, in order to promote economic cooperation between the Kyrgyz Republic and the Russian Federation. Russian Kyrgyz Development Fund gives priority to the development of agriculture, textile industry, manufacturing, mining and metals industry, trade, transportation, housing and infrastructure projects. Russian Kyrgyz Development Fund was founded in 2014 and is headquartered in Bishkek, Kyrgyzstan.