The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), a member of the Islamic Development Bank (IsDB) Group, is pleased to announce the signing of 13 significant agreements aimed at catalyzing economic development and bolstering private sector growth and initiatives across several member countries in diverse regions across the world.

The signings took place on the third day of the 2024 Annual Meetings of the IsDB Group, which celebrated the 50th anniversary of the Group’s journey in fostering and promoting economic growth and development of its member countries. The signing of these agreements reinforce ICD’s commitment to propelling solidarity and prosperity through strategic partnerships and promoting access to finance and financial inclusion in its member countries.

In a strategic move to promote access to finance in the Republic of Togo, ICD has inked a Letter of Intent for a EUR 20 million Line of Financing Facility with the ECOWAS Bank for Investment and Development (“EBID”). This Facility when disbursed is expected to augment the capacity of EBID to finance a spectrum of private sector projects in common member countries of ICD and EBID in the ECOWAS region, thereby contributing to economic expansion and job creation.

Further, the ICD also signed a Memorandum of Understanding (MoU) with Coris Bank of Togo with the objective of increasing the cooperation between the two institutions and in particular, enhancing the capacity of Coris Bank to develop tailored support and increase its financing to small and medium-sized enterprises (SMEs) in Togo.

Given the number of its member countries in the West African Economic and Monetary Union (WAEMU) and its objectives of developing strategic initiatives and partnerships to evaluate investment prospects within the region, the ICD also signed an MOU with the Banque Sahélo-Saharienne pour l’Investissement et le Commerce (BSIC) Group for a proposed USD 30 million Line of Finance Facility.  The Facility will be deployed through affiliates of the BSIC Group to finance eligible private sectors enterprises in ICD’s member countries operating within the WAEMU region.

Also, in its effort to support the financial sector in the Federal Republic of Nigeria and The Gambia, the ICD signed two separate MOUs with Jaiz Bank PLC of Nigeria and AGIB Bank Limited of Gambia. In the MOU with AGIB, the Parties agreed to explore further investment in AGIB (the first and only Islamic Bank in Gambia) in joint collaboration with the largest telecom company in Gambia (Q-Cell) to support the Bank’s strategy for local and regional expansion under digital infrastructure and food security programs. Additionally, the Parties will also collaborate in attracting growth capital from other financial institutions to the Bank.

In the MOU signed with Jaiz Bank PLC of Nigeria, the Parties agreed to explore potential investment opportunities through the introduction of Additional Tier 1 Capital (Mudarabah Capital) for the business growth of Jaiz Bank PLC and its regional expansion through ICD’s partnership and networks. Additionally, ICD agreed to consider providing Jaiz Bank with relevant technical and advisory assistance to support its operations through leveraging on ICD’s other partner’s expertise and network across its member countries.

To unlock opportunities in enhancing credit enhancement coverage for Line of Finance facilities in mutual member countries, the ICD also signed an MoU with the Fonds De Solidarite Africain (“FSA”), a multilateral financial institution based in Niger. The objective of this MoU is to explore credit enhancement coverage for ICD’s Line of Finance facilities to eligible financial institutions across its member countries in Africa.

In furtherance of its efforts to advance climate-resilient infrastructure projects across Africa, the ICD and the Africa Finance Corporation (based in Nigeria) also signed an Addendum to an MoU they signed earlier to explore co-investment and financing opportunities in their common member countries especially in infrastructure development and climate resilience projects.

In a bid to provide additional support to private sector enterprises in Bangladesh, ICD also entered into a Memorandum of Understanding (MoU) with BD Finance Bangladesh Limited. This MoU aims to provide technical and advisory assistance to BD Finance to support its transition into a fully-fledged Islamic Financial Institution, and to explore potential investment opportunities in Bangladesh.

Further, in ICD’s drive to enhance its partnership and support to financial institutions in the Maldives, the ICD signed an MoU with Maldives Islamic Bank to explore potential investment opportunities (mainly equity investments in the form of Tier 1 capital) within Maldives and in other member countries of ICD.  

Still in Maldives, the CD also signed two Memorandum of Understanding with the Ministry of Finance of Maldives to cooperate and to work closely in exploring and identifying investment, financing, advisory services or technical assistance opportunities in Maldives and other member countries of ICD that are of mutual benefit to both parties and will promote sustainable socio-economic development. In particular, through the first MOU, the MoF of Maldives, and/or via government investment agencies or financial institutions, will explore potential co-investment with ICD for establishing an Islamic Bank in the Republic of Uzbekistan. Additionally, both Parties agree to provide required technical assistance to this new Islamic Bank once established in the form of short-term liquidity management, capacity building and support in developing and diversifying its product offerings. In the second MOU, the ICD and the Ministry of Fnance committed to explore potential investment and financing opportunities in infrastructure, aviation, fisheries sectors and other sectors that are priority for the Government of Maldives. In addition, to enhance the efficiency and robustness of the local financial sector, ICD is also looking forward to supporting the sector with Tier 1 Capital investments.

In its efforts to strengthen its partnerships with banks in the GCC region, the ICD signed a Letter of Intent with Al Salam Bank of Bahrain) outlining the intention of the parties for a proposed USD 50 million Line of Finance facility to be provided by ICD to the Al Salam Bank to support Small and Medium Enterprises (SMEs) in Bahrain.

Still in the GCC, the ICD and the National Development Fund of Saudi Arabia, a day earlier, signed an MOU to cooperate and work closely in exploring and identifying Shari’ah compliant investments, financing, advisory services opportunities within infrastructure projects in the Kingdom of Saudi Arabia that are of mutual benefit to both Parties and will promote sustainable socio-economic development. Through this MOU the Parties committed to leverage technological advancements and innovations to enhance the efficiency and impact of their joint investments, ensuring that they remain aligned with the latest industry standards and practices. The Parties also agreed to share, and exchange knowledge related to development impact assessment tools and systems and work towards attracting, mobilizing, and channeling private sector and foreign capital for infrastructure projects in the Kingdom of Saudi Arabia.

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

About the Islamic Corporation for the Development of the Private Sector (ICD): 
The Islamic Corporation for the Development of the Private Sector is a multilateral development financial institution and a member of the Islamic Development Bank Group. It was established in November 1999 to support economic development in member countries by providing financing for private sector projects, promoting competition and the spirit of entrepreneurship, and encouraging cross-border investments. The Corporation is rated A+ by Fitch, A2 by Moody’s, and A- by S&P.
For more information, visit www.ICD-ps.org

The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org) signed two significant Letters of Intent for a total of USD 150 Million Line of Finance facilities  with Uganda Development Bank Limited (“UDBL”) and the African Export–Import Bank (“Afreximbank”). The line of finance facilities aim at fostering economic growth and development in Uganda and across the common member countries of ICD and Afreximbank.

In the first Letter of Intent signed with UDBL, ICD is seeking to provide a Shariah compliant Line of Finance facility worth USD 40 million to UDBL for the purpose of onward financing and support to private sector enterprises, including Small and Medium Enterprises (SMEs), in the Republic of Uganda.

In the second Letter of Intent signed between ICD and Afreximbank, the parties agreed to explore the possibility of a proposed Sharia Compliant Syndicated Line of Financing facility of up to USD 100 Million to be arranged by ICD for Afreximbank on strictly best effort basis. The facility will be used by Afreximbank, under its second strategic pillar, (facilitation of Industrialization and Export Development), for onward financing of eligible private sector projects in the common member countries of ICD and Afreximbank.

These agreements signify ICD’s commitment to supporting economic development and fostering entrepreneurship in Uganda and across Africa by providing much needed financing to eligible private sector enterprises and deepening partnerships with key financial institutions in Africa like UDBL and Afreximbank.

The 2024 Annual Meetings of the Islamic Development Bank (IsDB)  Group stand as a pivotal moment in the organization’s history, marked by a theme encapsulating its five-decade journey of fostering socio-economic development: “Cherishing our Past, Charting our Future: Originality, Solidarity, and Prosperity.”

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

About the Islamic Corporation for the Development of the Private Sector (ICD):
The Islamic Corporation for the Development of the Private Sector is a multilateral development financial institution and a member of the Islamic Development Bank Group. It was established in November 1999 to support economic development in member countries by providing financing for private sector projects, promoting competition and the spirit of entrepreneurship, and encouraging cross-border investments. The Corporation is currently  rated A+ by Fitch, A2 by Moody’s, and A- by S&P.

For more information, visit www.ICD-ps.org

Artificial intelligence is changing the face of the world, and the African continent is no different. Recognizing this, GITEX Africa 2024 (www.GITEXAfrica.com), the continent’s largest tech and startup exhibition scheduled from 29-31 May in Marrakech, Morocco, will bring strategic leaders, technology pioneers, innovators and industry disruptors together to share insights around the opportunities presented by this groundbreaking technology.

With a growing youth population, digital transformation, fuelled by AI, is emerging as key to the continent’s growth. By 2030, young Africans are expected to constitute 42% of global youth (https://apo-opa.co/3yaI27I), representing a formidable potential tech workforce. And countries like Tunisia are leading the way in creating and leveraging the opportunities that AI brings.

Sharing Real-world Solutions

Delegates at AI Everything Expo by GITEX Africa 2024 will have the opportunity to hear from business leaders who are actively deploying AI in real-life scenarios, redefining business paradigms, and driving tangible return on investment. Tunisian representation includes speakers such as the country’s Minister of Communication Technologies, His Excellency Dr. Nizar Ben Neji, and Olaya Bahloul Ghenia, Chief Information Security Officer at the Tunisian Company of Electricity and Gas (STEG). Country exhibitors include software companies FININFO SOLUTIONS, and Axe Finance, both in the digital finance show sector.

Tunisia provides a shining example of how embracing artificial intelligence provides unique opportunities to catalyze economic growth and foster job creation. Through its many initiatives aimed at leveraging AI to the benefit of the country, it is making a firm investment in developing a prosperous and technologically advanced future for its citizens.

Leading the Way in AI Adoption

Tunisia has emerged as a leader in AI development and adoption, harnessing the potential of AI as an enabler of economic growth and incorporating it into various aspects of the country’s economy. With close to 10 million internet users (https://apo-opa.co/3JPIY47), representing internet penetration of almost 80 percent, the country’s digital maturity places it in a strong position when it comes to embracing new technologies such as AI.

With its strong commitment to education, innovation and entrepreneurship, Tunisia is already making use of artificial intelligence to enhance various economic sectors. For instance, from agricultural solutions that optimize irrigation systems, to using AI to develop sustainable animal feed alternatives, the agritech industry is making significant strides. Tech companies are making AI technology readily available to users in the country, while online booking platforms are enhancing the tourist experience.

Government Commitment to Developing AI skills

The Tunisian government is also actively promoting AI development through initiatives like the national AI strategy (https://apo-opa.co/3JRSTGo); innovation hubs such as Elgazala Technopark, aimed at fostering collaboration between academia, industry, and startups; and training and education initiatives that are equipping the workforce with necessary skills.

In addition, the country is actively hosting and engaging in events aimed at broadening access to innovative AI technologies. For example, 2024 sees the eighth edition of the Tunisia Digital Summit, which discusses digital technology trends, including AI, with industry leaders, policymakers, and entrepreneurs. Similarly, Hackathon Tunisia encourages participants to develop innovative AI solutions for real-world problems. 

Under the High Patronage of His Majesty King Mohammed VI of the Kingdom of Morocco, GITEX AFRICA is held under the authority of the Moroccan Ministry of Digital Transition and Administration Reform, and hosted by the Digital Development Agency. The 2nd blockbuster edition, organised by KAOUN International, follows its pioneering debut in 2023.

More information is available at www.GITEXAfrica.com.

Distributed by APO Group on behalf of GITEX Africa.

Media Contact:
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Tel.: + 971 50 273 3832 
Gareth.Wright@dwtc.com 

Tayce Marchesi – PR Executive
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Tayce.Marchesi@dwtc.com

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Website: www.GITEXAfrica.com

About KAOUN International:
KAOUN International is the independent events company and wholly owned subsidiary of Dubai World Trade Centre (DWTC) established to organize and manage events internationally. Derived from the Arabic word ‘universe’, KAOUN International’s mission is to ‘Create Limitless Connections’ for the industries and markets in which it operates. Created to leverage the 40-year legacy of DWTC’s events management business and drive future MICE sector opportunity in the MENASA region. KAOUN International delivers game-changing live experiences that build robust business connections, create opportunity, and stimulate economic growth, building on DWTC’s extensive portfolio of business and consumer events spanning multiple sectors, including technology, food and hospitality, sustainability, broadcast and satellite, automotive, talent development and leisure marine.

By Bassem Chermitti, Group Product Manager at Webb Fontaine (www.WebbFontaine.com).

Egypt’s busy ports on both the Mediterranean and Red Sea, as well as several tourist and petroleum ports, are gateways for thousands of goods entering and exiting the country daily. Once these goods arrive in port, they are subject to a series of regulations, inspections, and risk assessments, which could potentially cause significant delays. With volumes like these passing through the country’s ports every day, the result of delays caused by poor risk management processes could be disastrous.

The Egyptian government realized the need for a solution that would help both customs officials and port users navigate these complex procedures and ensure that goods reach their destination on time. The government engaged Webb Fontaine to implement a state-of-the-art integrated risk management system known as Webb Risk, along with MTS (Misr Technology Services), the organization that developed Egypt’s Nafeza Single Window System.

The Webb Risk system uses advanced machine learning and artificial intelligence technologies to provide customs authorities with the tools they need to anticipate, detect, and mitigate potential risks in trade operations. Port users are also subjected to far more streamlined processes in terms of ensuring that they have the correct documentation and permissions to bring their goods into the country, and that the relevant declarations are made.

A Multi-Faceted Approach to Risk Management

The Webb Risk system employs a multi-faceted approach to risk management, focusing on four key pillars: customs intelligence, compliance criteria, predictive analysis, and random inspections. These pillars work together to ensure that customs authorities can effectively assess and manage risks associated with trade operations.

Intelligence criteria is used to develop targeting rules by analysing data to identify patterns and trends associated with high-risk activities. This analysis may involve examining information collected from various sources, both internal and external, such as intelligence from national or international partners.
Compliance criteria plays a crucial role. With our risk profiling module, we can accurately select operators who comply with customs standards. This capability effectively manages national programs for Authorised Economic Operators (AEO). Thus, operators reaching a high level of compliance benefit from less stringent controls.
Predictive analysis is an essential element of the decision-making process to select high-risk shipments and enhance our solution dynamically. This method relies on historical data to anticipate potential risks. Through the use of advanced machine learning algorithms and artificial intelligence, customs authorities can identify declarations with a high level of risk, optimise resource allocation, and focus on areas where the risk of non-compliance is highest.
Random selection complements our approach by randomly selecting low-risk declarations for occasional surprise inspections. This practice contributes to deterring fraudulent activities and behavioural change.

Benefits for Egypt’s Trade Operations

Since its implementation, Webb Risk has already resulted in significant benefits for trade operations in Egypt.

Firstly, when it comes to improved accuracy and efficiency of risk management, the benefits have been obvious. For instance, by empowering customs officials with the tools to more effectively identify and mitigate potential risks, the fraud detection rate for the year-long period between March 2023 and the end of February 2024 is sitting at around 22%..

Secondly, the implementation of Webb Risk at Egypt’s ports has also led to reduced customs clearance times, especially for operators who have been compliant in terms of following the correct procedures and guidelines. These quicker turnaround times have helped to minimize the time it takes to get goods to market, saving money for both operators and customs authorities.

Another remarkable benefit has been the increased customs revenue that Egypt has experienced. By identifying undervalued or fraudulent goods, Webb Risk has allowed for a more accurate application of customs duties and taxes, in turn contributing to the country’s customs revenue.

Positioning Egypt as an Attractive Trade Destination

The benefits of the Webb Risk integrated risk management system extend beyond simplifying the day-to-day operations of the country’s ports. The ripple effects are felt across the entire country. When goods move through ports of entry in a swift and streamlined manner, the economy benefits from increased trade and economic growth, improved competitiveness, job and revenue creation, and infrastructure development. In turn, all of this helps to position Egypt as a more attractive destination for trade and investment, and enhance the country’s reputation as a reliable trading partner, further bolstering its standing in the global market.

From Egypt to the World

Many countries around the world are experiencing similar issues with customs-related services, and Webb Risk’s Egypt success story stands out as an example of how technology can be used to improve efficiency, increase revenue, and strengthen border security, along with many other economic and social benefits.

The demonstrated effectiveness of advanced risk management technologies such as Webb Risk has set a precedent for innovation in trade facilitation in ports all over the world, and those looking to enhance their own customs operations can look to Egypt as an example.

Distributed by APO Group on behalf of Webb Fontaine.

About Webb Fontaine: 
Established in 2002 and headquartered in Dubai, UAE, Webb Fontaine is a leading technology company specializing in Artificial Intelligence-driven solutions for global trade. With offices spanning Europe, the Middle East, Asia, and Africa, the company leverages its extensive expertise to provide governments and communities with innovative solutions that streamline trade processes and enhance efficiency.   

Webb Fontaine is renowned for its pioneering technologies that help reduce trade fraud, improve customs revenue, and expedite clearance times, supporting smoother and more profitable trading ecosystems. The company prides itself on a diverse workforce of over 700 professionals from 41 nationalities, emphasizing a culture of excellence, innovation, and integrity.   

The firm’s commitment to research and development is unmatched, owning the largest R&D centres in the trade sector, which are pivotal in advancing trade technology and practices. Webb Fontaine’s accolades include numerous international awards and certifications, underscoring its dedication to quality and leadership in trade facilitation.   

For further information, please visit Webb Fontaine’s website (www.WebbFontaine.com).