At the side lines of the landmark IsDB 42nd Annual Meeting in Jeddah, a memorandum of understanding (MoU) was signed between the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group and China-Africa Development Fund (CADFund), a Beijing-based private equity firm and subsidiary of the China Development Bank which focuses on Africa.
The envisaged cooperation reflects ICD and CADFund’s goal of developing and establishing a strategic framework that focuses on improving the efficiency and efficacy of resource mobilization with third-party investors interested in participating and investing in the African Islamic Infrastructure Financing Fund (AIIFF). In addition, CADFund plans to work with ICD in the establishment of the AIIFF and/or with the AIIFF (following its incorporation) on promoting and financing infrastructure development projects in Africa.
The MoU was signed by Mr. Khaled Al Aboodi, the Chief Executive Officer and General Manager of ICD, and Mr. Shi Jiyang, President and Chief Executive Officer of CADFund.
Speaking on the occasion, Mr. Khaled Al Aboodi expressed his strong support for the partnership, stating: “ICD and CADfund share the vision of promoting foreign direct investment, trade, and inclusive economic growth on a continent which is full of potential. By joining forces, we can better combine our expertise and commitment to achieve greater economic prosperity for the benefit of all. Additionally, ICD's commitment to accelerate infrastructure development in Africa and specifically sub-Saharan Africa will bring the at least the basic level of energy, transportation, medical and educational needs of citizens of African member countries.”
Mr. Shi Jiyang said, “It certainly comes as no news that Africa’s rating on the global infrastructure development index is significantly behind. By driving investments targeting infrastructure development projects in Africa, we will not only improve infrastructure and address the huge chasm, but we will also be contributing to economic growth thus further transforming the region. We look forward to a long-term partnership with the ICD.”
About the Islamic Corporation for the Development of the Private Sector (ICD)
ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Sharia’a. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information, visit www.icd-ps.org.
About China-Africa Development Fund
CADFund is the first Chinese investment fund focusing on Africa, and was announced at the Beijing Summit of the China-Africa Cooperation Forum as one of the Eight Measures for cooperation with Africa. With its aim to encourage, support, and partner up with Chinese enterprises in making investments in Africa, CADFund has so far made investments in a variety of sectors including infrastructure, energy, agriculture and manufacturing.
Over the past two decades, mobile money has grown into a cornerstone of African finance. Driven by i...
• ECOWAS plans a rapid deployment brigade of 260,000 troops costing $2.5bn annually.• The force...
It’s a common scene in any Lomé (Togo) market, but it’s telling. A customer hands a 10,000 CFA franc...
On August 31, 2025, the ruling coalition in Benin Republic—comprising the Union Progressiste pour le...
Nigeria eyes $671m data center market by 2030, seeks Chinese investors. Rising mobile da...
• Nigeria’s CNG price nearly doubles after subsidy reduction• Truck rate hits 450 naira/SCM; cars pay 380 naira/SCM• Fuel cost hike worsens transport,...
• ECOWAS opens 2025–2026 immersion program for young graduates• Offers training in agriculture, IT, health, and project management• Aims to address West...
• Mali grants export permit for Kodal’s Bougouni lithium mine• First 125,000 tons to ship via Côte d’Ivoire to China• Pricing tied to SMM; Mali reserves...
MOPO secures $6.7M from Norfund for solar battery expansion Company records 28M rentals, active in six African countries Model offers...
The Tomb of Askia is one of the most important historical and cultural monuments in Mali, inscribed on the UNESCO World Heritage List since 2004. Located...
The Mount Nimba Nature Reserve, a true cross-border treasure, stretches across Guinea and Côte d’Ivoire, at the edge of Liberia. It is dominated by an...