The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org) and Qatar Development Bank (QDB) have announced the signing of a Memorandum of Understanding (MoU) to bolster mutual business cooperation. The MoU aims to support QDB’s SME Export Development Program and enhance the capabilities of Qatari entrepreneurs and innovators, as well as small and medium enterprises (SMEs), to compete effectively in the global market. The agreement was signed by Mr. Abdulrahman Hesham Al-Sowaidi, Chief Executive Officer of QDB, and Eng. Hani Salem Sonbol, Chief Executive Officer of ITFC.

On this occasion, Eng. Hani Sonbol, CEO of ITFC, stated that, “This MoU is a significant step towards strengthening collaboration in our shared commitment to support trade, development, and empower SMEs and exporters in Qatar and OIC member countries.”

On his part, Mr. Abdulrahman Al-Sowaidi, CEO of QDB, expressed enthusiasm on the partnership, saying, ” “We are pleased to enrich our portfolio of partnerships with diverse international organizations to increase the reach of SMEs and the private sector as a whole to international markets and support the export of Qatari products and services, in line with QDB’s comprehensive private sector support strategy. This agreement will enhance the services provided by the Bank to entrepreneurs, hence increasing their contribution to the development and diversification of the Qatari economy.”   

Under the terms of the MoU, ITFC will partner with QDB to support the development of the Qatar Export Development Program, with a focus on key products under the program and connecting QDB with financial institutions in key markets in the OIC member countries.  Furthermore, ITFC will provide QDB with advisory services in the areas of trade operations and product development.

The signing of this MoU highlights the commitment of both QDB and ITFC to fostering economic growth and empowering SMEs in Qatar and represents a significant milestone in the efforts of collaboration in achieving sustainable economic development.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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About the International Trade Finance Corporation (ITFC): 
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$75 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.

About Qatar Development Bank (QDB):
Qatar Development Bank (QDB) was established in 1997 as the Qatar Industrial Development Bank, a 100% government-owned developmental organization. Its primary aim was to develop investments within local industries, thereby accelerating growth and economic diversification in Qatar through support for the private sector.

QDB has achieved significant milestones in recent years, playing a chief role in growing Qatar’s private sector. QDB has also played an integral role in stimulating national economic and social development, through funding a variety of local projects and providing support to the private sector through a range of innovative services. By adopting this strategy, QDB has contributed to empowering Qatari entrepreneurs, improving the standard of living, as well as allowing Qatari entrepreneurs to benefit from a wide range of promising investment opportunities, and to develop their exporting potentials while supporting their entry to new international markets.

QDB’s strategy is entirely in line with the Qatar National Vision 2030. It is focused on promoting and facilitating the growth of the private sector in key economic sectors, with the aim of building a diversified, sustainable economy. 

QDB aims to promote entrepreneurship spirit within the private sector in Qatar through providing the necessary services that shall ease the growth, development, and diversification of this sector. In doing so, QDB offers access to information, incubation, and capabilities to SMEs, in addition to access to capital through direct and indirect financial services, investment and access to local markets, and access to international markets for Qatari exporters though export insurance and funding services.

His Excellency, Dr. Lazarus McCarthy Chakwera, President of the Republic of Malawi, President and Chairman Board of Directors of Afreximbank (www.Afreximbank.com), Prof. Benedict Okey Oramah and the President-Founder of ARISE Integrated Industrial Platforms (ARISE IIP), a pan-African developer and operator of world-class industrial ecosystems, Mr. Gagan Gupta, have unveiled the Malawi “Magwero Industrial Park” an integrated industrial park located 10 km from the capital, Lilongwe. This high-level ceremony was attended by over 5,000 guests, including numerous international and national project partners as well as local communities.

The ceremony follows the framework contract signed on June 19, 2023, between the Republic of Malawi, represented by the Malawi Export Development Fund, and ARISE IIP for the development of an integrated industrial park around Lilongwe under a public-private partnership. Afreximbank, the leading financial partner of ARISE IIP, will finance the project to a tune of USD 300 million.

Designed to expedite Malawi’s industrialization process through two pillars, diversification of its economy and valorization of its natural resources, the industrial park is set to host industrial units from various sectors, including:

Local processing of agricultural products such as soybeans, cotton, tomatoes, maize, peanuts, and retail food products.

Manufacturing industry, featuring production units for glass, construction materials, lighting products such as LED accessories, plywood, and paper production.

Spanning 417 hectares, the industrial park enjoys a strategic location,  about 10 km from Kamuzu International Airport and Malawi’s capital, as well as being in close proximity to the Malawian railway network.

It will comprise an industrial zone, logistics warehouses, a residential area, an Internal Container Depot Terminal (ICDT), and “Plug and Play” infrastructure, offering ready-to-use hangars for small and medium-sized enterprises.

His Excellency, Dr. Lazarus McCarthy Chakwera, President of the Republic of Malawi, commented: “In fostering economic development through industrialisation, we have officially commenced construction of the first special economic zone in Malawi with assistance from Afreximbank and ARISE Integrated Industrial Platforms”. He added that Magwero Industrial Park Project will have state-of-art infrastructure to host and support a wide range of functions across multi-industry value chains in manufacturing, packaging, research and innovation, logistics and storage, and dry port services before the commodities are exported.

Prof. Benedict Okey Oramah, President and Chairman of Board of Directors, Afreximbank, emphasized the project’s significant potential to contribute to the development and diversification of Malawi’s economy: “We expect the Magwero Industrial Park to generate at least 15,000 jobs for Malawians, US$600 million in annual export revenues, and about US$600 million in foreign direct investment flows. This will significantly boost the economy of Malawi and improve the quality of life of its citizens while also positioning the country as an active and dominant player in the emerging single Continental market.” He added that ‘strong Political Will and Leadership backed by African capital and innovation represent a powerful force that will drive positive economic transformation.’

Mr. Gagan Gupta, President-Founder of ARISE IIP, expressed: “We are immensely proud of this new partnership with the Government of Malawi. The Magwero Industrial Park is more than just an economic zone, it is a particularly impactful project for Malawi and aims to catalyze investments and local job creation. This enduring partnership taking shape today with the Republic of Malawi aims to catalyze industrialization in the country by creating industrial value chains supported by international investors.”

Distributed by APO Group on behalf of Afreximbank.

Media Contact details:
Vincent Musumba
Manager, Communications and Events (Media Relations)
Email: press@afreximbank.com  
Tel: +20 2 24564100 /1/2/3

Audrey Mebaley 
Head of Communications – Arise
audrey.mebaley@arisenet.com

About Afreximbank:
African Export-Import Bank (Afreximbank) (www.Afreximbank.com) is a pan-African multilateral financial institution dedicated to financing and promoting intra and extra-African trade. For 30 years, Afreximbank has deployed innovative instruments to provide financing solutions that facilitate the transformation of African trade structure and accelerate industrialization and intra-regional trade, thereby supporting economic expansion in Africa. A staunch advocate of the African Continental Free Trade Area (AfCFTA), Afreximbank launched the operations of a pan-African payment and settlement system (PAPSS), which was adopted by the African Union (AU) as the payment and settlement platform to support the implementation of the AfCFTA. The AfCFTA Secretariat and the Bank have established a 10 billion US dollar Adjustment Fund to assist countries in effectively participating in the AfCFTA. As of the end of December 2023, the Bank’s total assets and guarantees stood at approximately US $37.3 billion, and its shareholders’ funds amounted to US $6.1 billion. Afreximbank is rated A by GCR International Scale, Baa1 by Moody’s, A- by Japan Credit Rating Agency (JCR), and BBB by Fitch. Over the years, Afreximbank has evolved into a group comprising the Bank, its impact financing subsidiary called the Africa Export Development Fund (FEDA), and its insurance management subsidiary, AfrexInsure (the three entities form “the Group”). The Bank is headquartered in Cairo, Egypt.

About ARISE IIP:
ARISE Integrated Industrial Platforms (ARISE IIP) (www.ARISEIIP.com) is a pan-African developer and operator of world-class industrial parks, committed to the continent’s economic transformation. We identify opportunities in commercial and industrial value chains across Africa, design, finance, build, and operate the necessary infrastructure, playing a catalytic role while supporting countries in their transition to an industrial economy. We are driven by the pursuit of green growth. Our ambition is to unlock the continent’s industrial potential while neutralizing our carbon emissions and climate impact. ARISE IIP currently operates in Benin (GDIZ), Togo (PIA), and Gabon (GSEZ). GSEZ was ranked the best economic zone in the world in the wood sector (FDI 2020 ranking).

About Export Development Fund:
Export Development Fund (https://apo-opa.co/4ehm2J4) was established by the Government of Malawi out of the desire by various key stakeholders i.e. domestic banks, government, private sector and various business organizations and associations to turn the various export generations and diversification ideas into viable export businesses and industries.

The Fund aims to ensure that Malawi’s vast export potential and business opportunities are exploited in order to generate foreign exchange for the country.Export Development Fund (EDF) is a development financial institution (DFI) whose major objective is to increase the productive potential of the country through provision of finance, equity participation, or credit guarantees, and advisory service for the set up, expansion and modernization of viable enterprises in the medium and large scale enterprises sector.