IFC, ICD Enhance Collaboration in Middle East and North Africa, Other Emerging Markets

Washington, D.C., August 15, 2011—IFC,a member of the World Bank Group, and the Islamic Corporation for the Developmentof the Private Sector (ICD), a member of the Islamic Development Bank Group,today announced that ICD has adopted IFC’s Master Cooperation Agreement.The agreement makes it easier for both institutions to collaborate on privatesector investments in the Middle East and North Africa and in emergingmarkets worldwide.

IFC mobilizes funding from other financiersto meet the needs of private sector clients in emerging markets.  TheMaster Cooperation Agreement standardizes steps that lenders take whenjoining IFC to cofinance projects, increasing efficiencies, and cuttingcosts to borrowers and lenders throughout the life of a loan. Lenders whoadopt the agreement benefit from IFC’s existing syndication platform,deal-structuring expertise, due diligence, and global presence.

“IFC and ICD share a mission of supporting the private sector in emergingmarkets, and we look forward to enhancing our cooperation on projects inthe Middle East and North Africa and in other parts of the world,” saidJingdong Hua, IFC Vice President and Treasurer.  

“ICD looks forward to cooperating with IFC, especially in providing Shariah-compliantfacilities to companies or projects in our common member countries,” saidAhmed Khizer Khan, ICD’s Chief Operating Officer.

ICD is the 12^thdevelopmentfinance institution to adopt the agreement.  Other signatories arethe Belgian Investment Company for Developing Countries, France’s Sociétéde Promotion et de Participation pour la Coopération Economique; Germany’sDeutsche Investitions- und Entwicklungsgesellschaft mbH; the DevelopmentBank of Japan, the Netherlands’ Nederlandse Financierings-MaatschappijVoor Ontwikkelingslanden N.V.; the OPEC Fund for International Development;the Black Sea Trade and Development Bank; the Development Bank of Austria,Oesterreichische Entwicklungsbank; the Arab Petroleum Investments Corp;the Eurasian Development Bank; and the United States’ Overseas PrivateInvestment Corporation.

About IFC

IFC, a member of the World Bank Group,is the largest global development institution focused exclusively on theprivate sector. We help developing countries achieve sustainable growthby financing investment, providing advisory services to businesses andgovernments, and mobilizing capital in the international financial markets.In fiscal 2011, amid economic uncertainty across the globe, we helped ourclients create jobs, strengthen environmental performance, and contributeto their local communities—all while driving our investments to an all-timehigh of nearly $19 billion. For more information, visit

www.ifc.org

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About ICD

ICD is a multilateral organization anda member of the Islamic Development Bank (IDB) Group. The mandate of ICDis to support economic development and promote the development of the privatesector in its member countries through providing financing facilities and/orinvestments which are in accordance with the principles of Shari’a. ICDalso provides advice to governments and private organizations to encouragethe establishment, expansion and modernization of private enterprises.For more information, visit

www.icd-idb.com

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