IslamicFinance.de

The Islamic Development Bank (IDB) has confirmed that it would provide financing worth $1 billion on the basis of an agreement to carry out various development projects in Cote d'Ivoire during the next two years. Cote d'Ivoire President Alassane Ouattara said that his country is looking forward to greater cooperation and partnership with IDB in various fields including capability building for sukuk in order to mobilize resources for development. The president also sought IDB loans to finance the country's infrastructure projects. The meeting saw the signing of a loan agreement worth $15 million to establish a vocational training center in the country.

Chairman of the Islamic Development Bank (IDB) Ahmed Mohamed Ali said that the group is expected to sign, on Thursday, a strategic co-operation agreement with Tunisia. This agreement will reportedly open new co-operation prospects between Tunisia and several African countries, to which Tunisia could provide assistance in several sectors, whether public or private. An IDB delegation will take part in "Tunisia's Forum on Investment," on June 13-14. Moreover, IDB expressed its will to strengthen relations with Zitouna Bank, the first Islamic bank in Tunisia. Besides, Mr. Mohamed Ali pointed out that IDB is ready to contribute to the support and funding of the micro enterprises' programme, as part of supporting Tunisia's efforts in fighting against poverty.

The Egyptian government has signed a $250m leasing agreement with the Islamic Development Bank (IDB) to purchase equipment for a power plant to generate electricity in South Helwan. The deal will be finalised after presidential approval. The Minister of Planning Ashraf ElAraby signed the agreement in mid-January with the IDB president Ahmed Mohamed Ali. The project aims to meet the growing demand for energy in Egypt.

Interim Prime Minister Hamadi Jebali noted that the Tunisian Government will try to establish a legal framework to manage the Islamic economy in Tunisia. He added that the country wants to become a regional centre of Islamic finance.
Moreover, he attested that Islamic banks can provide part of these funds.
IDB President Ahmed Mohamed Ali stated the Bank wishes to see the Tunisian private sector play a more significant role in implementation of the bank's projects in Tunisia and Africa.

"The opportunities offered by Islamic finance in promoting global financial stability and financial inclusion are worth assessment by the leadership of the G-20 countries," said Jeddah-based Islamic Development Bank President Ahmed Mohamed Ali, reported Mushtak Parker in the Arab News.

The President told an Islamic Financial Architecture Colloquium hosted yesterday by Lord Mayor of the City of London Ian Luder at his official headquarters that it is time that the wider world should consider mainstreaming Islamic financial services. And the best way to do this is to accord the relevant Islamic finance stakeholders "observer status" within the framework of the G-20 and the expanded Financial Stability Forum of the International Monetary Fund (IMF).