The Islamic Corporation for the Development of the Private Sector (“ICD”) (http://www.icd-idb.com), the private sector arm of the Islamic Development Bank (IDB) Group, signed a memorandum of understanding (“MoU”) with China International Contractors Association (“CHINCA”), formalizing the parties’ co-operation in identifying and cultivating investment opportunities in the construction, infrastructure and other key industries by leveraging on areas of expertise and utilizing services currently offered by both parties.
The Memorandum opens the door for ICD and CHINCA to create a synergy of efforts in key areas—ICD’s wealth of knowledge, experience and expertise in providing financing, financial advisory and sound technical services in its member countries, coupled with CHINCA’s members unique presence over 180 countries, will be instrumental in generating business and driving economic growth in new frontiers.
The strategic collaboration also aims to build a fruitful networking platform by developing and participating in business-matching forums as a means to identify forces shaping the industry and connect key industry players. CHINCA, with its sophisticated ties with industry leaders in China, will also act as an intermediary for ICD to establish rapport with Chinese government agencies and companies to further explore exciting prospects in vital economic sectors in overseas markets, namely Middle East, Africa and Central Asia.
The signing ceremony was held at the sideline of the 6th International Infrastructure Investment and Construction forum here, and the MOU was signed by the CEO of ICD, Khaled Al Aboodi and Diao Chunche, the Chairman of CHINCA.
Upon signing the MoU, Khaled Al Aboodi commented, “In today’s challenging market, the ability to identify and cultivate global opportunities is critical for success, and we believe that the agreement with CHINCA represents a significant milestone toward cementing business relations with Chinese entities and by leveraging on both parties’ vast networks and expertise, we hope that this will open up more business opportunities, especially towards Chinese investments in ICD member countries. CHINCA has more than 1,300 members to date, and about 800 members are engaged in international project contracting and investment in fields such as power engineering, transportation, water supply, mining, and environment protection, to name a few. We are convinced that with our deep expertise in the targeted regions, this collaboration will be nothing short of a productive and rewarding venture.”