The Islamic Corporation for the Development of the Private Sector (ICD) and the Banco Nacional de Investimento (BNI) have agreed to cooperate in private sector development in Mozambique.

Tomas Matola, CEO of BNI, said: “We are very keen to collaborate with ICD in fostering the Mozambican private sector. Diversification of source of funding is key for Mozambique. ICD and BNI with this partnership will increase the financial products and services offer in the country.”

The two institutions will collaborate in joint operations, expand financial products and exchange information on modalities for enhanced and efficient interventions for private sector development in Mozambique.

ICD and BNI will share information on projects and business opportunities in Mozambique and on participation in the arrangement of syndications or investment in funds.

They will also cooperate in structuring sukuk/debt capital market transaction opportunities, co-invest in Islamic leasing companies in Mozambique.

In addition, they will explore the possibilities of financing BNI’s activities through Line of Finance and partnering on ICD’s initiative to establish a SME fund in Mozambique.

Khaled Al Aboodi, CEO of ICD, said: “Mozambique and Africa are key strategic directions for ICD and we hope, via this partnership, we will increase our presence in the Mozambique.”

BNI is Mozambique´s only development and investment Bank owned by the Government, committed to financing innovative projects that contribute to the sustainable development of Mozambique and to invigorating its business sector.

The Islamic Corporation for the Development of the Private Sector 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.