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IsDB and THIQAH Sign Agency Agreement to Promote Investment and Trade in Member Countries
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.
About the Islamic Development Bank Group
The Islamic Development Bank (IsDB) is a multilateral development bank (MDB) working to improve people’s lives by promoting social and economic development in its 57 Member Countries (MCs) and Muslim communities worldwide, delivering impact at scale. Through collaborative partnerships, IsDB seeks to equip people and communities to drive their own economic and social progress at scale, putting the infrastructure in place to enable them to fulfil their potentials thereby touching the lives of 1 in every 5 of the world’s population.
The Bank’s New Business Model of “Making Markets Work for Development” contributes to strengthening the competitiveness of the MCs in strategic industries for better participation and upgrading within the Global Value Chains including: food and agribusiness industry, the textiles, clothing, leather, and footwear industry, the petrochemicals and petroleum industry, the construction industry, and Islamic finance. IsDB also fosters innovative and sustainable solutions to the world’s greatest development challenges, leveraging the potentials of science, technology, and innovation (STI) as strategic drivers of economic growth spearheading the achievement of the UN Sustainable Development Goals (SDGs).
Rated AAA by the three major rating agencies of the world, the IsDB is headquartered in Jeddah, Kingdom of Saudi Arabia, and runs major regional hubs in Bangladesh, Egypt, Indonesia, Kazakhstan, Morocco, Nigeria, Senegal, Suriname, and Turkey as well as centers of excellence in UAE and Malaysia. Over the years, the Islamic Development Bank has evolved from a single entity into a group (IsDB Group) comprising five entities: Islamic Development Bank (IsDB), the Islamic Research and Training Institute (IRTI), the Islamic Corporation for the Development of the Private Sector (ICD), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), and the International Islamic Trade Finance Corporation (ITFC).
About the Islamic Development Bank Group Business Forum (THIQAH)
The Islamic Development Bank Group Business Forum (THIQAH) is the window of IsDB Group that facilitates contact and coordination between relevant entities of the IsDB Group and private sector firms and related institutions in IsDB Group Member Countries.
The main objective of THIQAH is to establish a unique and innovative platform for dialogue, cooperation, and inclusive partnership for business leaders committed to partnering in promising investment opportunities. Its vision is to position itself as the leading business platform of the IsDB Group serving the private sector and maximizing the achievements of successful investment projects. Through facilitation and catalyst roles, THIQAH will be leveraging IsDB Group’s resources to offer necessary services and confidence to investors and to establish strategic partnerships with the 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. The primary focus of THIQAH will be on maximizing cross-border investment and trade among Member Countries to be supported by IsDB Group's financial products and services (www.idbgbf.org).