Manama, 1 March 2015: The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), and the Infrastructure Leasing & Financial Services Limited (IL&FS) signed a Cooperation Agreement for mutual cooperation and collaboration for the purpose of carrying joint Project Evaluations, Project finance, Advisory Services and Asset Management in ICD member countries
The agreement was signed between the CEO and General Manager of ICD, Mr. Khaled Al Aboodi and Mr. Shahzaad Dalal the CEO-International Business of IL&FS Group
ICD and IL&FS will work together in evaluating and structuring of infrastructure opportunities in the member countries of ICD. They plan to work jointly on achieving financial closure of projects. Furthermore, both institutions might provide advisory services to governments, public and private entities of member countries in different sectors.
"This cooperation will enhance and strengthen the coordination of complementary activities, interests and capacities between the ICD and IL&FS towards promoting private sector development, providing advisory services and financing infrastructure projects in our member countries" explained Mr. Khaled Al Aboodi, CEO of ICD.
"We are excited by this partnership and we are confident that the strong capabilities developed by IL&FS Group in successful project development, execution and financing across a wide spectrum of sectors in India will compliment ICD in its various initiatives in all their member countries" said Mr. Shahzaad Dalal, CEO of IL&FS Groups International Business.
About the Islamic Corporation for the Development of the Private Sector (ICD):
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization, part of the Islamic Development Bank (IDB) Group. ICD was established in November 1999 to promote economic development of its member countries in accordance with the principles of the Sharia through private sector development. ICD encourages the establishment, expansion and modernization of private enterprises through financing private sector enterprises or projects. Projects are selected on the basis of their contribution to economic development considering factors such as creation of employment opportunities and contribution to exports. ICD also provides advice to governments and private sector groups on policies to encourage the establishment, expansion and modernization of private enterprises, development of capital markets, best management practices and enhance the role of market economy. ICD operations complement the activities of the IDB.
About Infrastructure Leasing and Financial Services Group:
Infrastructure Leasing and Financial Services Group (IL&FS) is one of India's leading Infrastructure Development and Financial Services Companies. The key shareholders include Life Insurance Corporation of India, Sate Bank of India, Housing Development and Finance Corporation, Central Bank of India, Orix Corporation, Japan and Abu Dhabi Investment Authority. IL&FS is a leading sponsor, developer, and advisor of infrastructure projects in India as well as in Middle East, Africa and South East Asian Region. Over the last two decades, the IL&FS has developed strong capabilities in successful project development and financing across a wide spectrum of sectors. From concept to execution, IL&FS houses the expertise to provide a complete array of services necessary for successful project completion. The integration of financial and project engineering skills across sectors has provided IL&FS a unique positioning in the Infrastructure sector.
For further information, please contact:
Nabil Al-Alami
Head, Marketing
Islamic Corporation for the Development of the Private Sector
E-mail: nalami@isdb.org
Website: www.icd-idb.org
© Press Release 2015