Press Releases

IFC, ICD Enhance Collaboration in Middle East and North Africa, Other Emerging Markets

In Jeddah:
Nabil El-Alami, ICD

Phone: 966 2 646 7944

In Washington, D.C.:                

Alexandra Klopfer, IFC        

Phone: (202) 473-4645        


Washington, D.C., August 15, 2011—IFC, a member of the World Bank Group, and the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group, today announced that ICD has adopted IFC’s Master Cooperation Agreement. The agreement makes it easier for both institutions to collaborate on private sector investments in the Middle East and North Africa and in emerging markets worldwide.

IFC mobilizes funding from other financiers to meet the needs of private sector clients in emerging markets.  The Master Cooperation Agreement standardizes steps that lenders take when joining IFC to cofinance projects, increasing efficiencies, and cutting costs to borrowers and lenders throughout the life of a loan. Lenders who adopt the agreement benefit from IFC’s existing syndication platform, deal-structuring expertise, due diligence, and global presence.

“IFC and ICD share a mission of supporting the private sector in emerging markets, and we look forward to enhancing our cooperation on projects in the Middle East and North Africa and in other parts of the world,” said Jingdong Hua, IFC Vice President and Treasurer.  

“ICD looks forward to cooperating with IFC, especially in providing Shariah-compliant facilities to companies or projects in our common member countries,” said Ahmed Khizer Khan, ICD’s Chief Operating Officer.

ICD is the 12th development finance institution to adopt the agreement.  Other signatories are the Belgian Investment Company for Developing Countries, France’s Société de Promotion et de Participation pour la Coopération Economique; Germany’s Deutsche Investitions- und Entwicklungsgesellschaft mbH; the Development Bank of Japan, the Netherlands’ Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V.; the OPEC Fund for International Development; the Black Sea Trade and Development Bank; the Development Bank of Austria, Oesterreichische Entwicklungsbank; the Arab Petroleum Investments Corp; the Eurasian Development Bank; and the United States’ Overseas Private Investment Corporation.

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit

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About ICD

ICD 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 Shari’a. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. For more information, visit