The implementation of the Islamic Development Bank Group’s R2 COVID Support Package will herald many other initiatives.
The Chief Executive Officer of Corporation for the Development of the Private Sector, Mr. Ayman Sejiny, made this known during the signing of ICD and IsDB Group’s agreement on the implementation of IsDB Group’s R2 COVID Support Package.
He said, “The successful implementation of this agency agreement will help us to introduce many other initiatives on the same platform.
“We consider this initiative an important milestone in intra-group collaboration and expansion of our partnership with member countries, MDBs, IFIs and a wider community of private sector businesses as the backbone of sustainable growth.”
Based on the agreement, ICD would be offering its expertise in the implementation of R2 “Restore Program” COVID-19 Support in the Line of Finance transactions. This will further strengthen ICD’s relationship with governments of the member countries, which will open doors for future cooperation opportunities and policy dialogues for the promotion of Islamic Finance/Banking and support private sector development and job creation, Financial Street gathered.
According to the statement, the President of IsDB Group, Dr. Bandar Hajjar, and Sejiny signed an agreement for the implementation of the COVID support package, which will assist IsDB member countries to restore their economies and recover from the impact of the Coronavirus Disease.
“Agency Agreement is a manifestation of the president’s vision to improve intra-group collaboration and create room for cooperation with other MDBs and IFIs. It is also in line with ICD’s new strategic direction, which gives utmost importance to synergy and partnership with other IsDB Group Entities and other MDBs,” it stated.
Hajjar, said, “Today, we set the tone for a new type of intra-group cooperation beyond the IsDB’s R2 programme. By agreeing on a clear accountability framework assigning roles and responsibilities between IsDB and ICD, we are on the path of mainstreaming group synergies, which will help us go beyond our limits.
“As the private sector arm of the IsDB Group, ICD will continue to make important contributions to the development of the Small and Medium-sized Enterprises sector in our member countries through a dedicated line of finance facilities.”
