Maldives Signs Partnership Agreements with ICD

The Maldivian government has sealed two Memoranda of Understanding (MOUs) with the Islamic Corporation for the Development of the Private Sector (ICD), designating the Maldives’ Finance Ministry as a collaborative partner.

The partnership agreements were formalised on Thursday, on the sidelines of the Islamic Development Bank (IsDB) Group’s Annual Meetings 2024 in Riyadh, Saudi Arabia.

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Representing the Maldivian government, Finance Minister Dr. Mohamed Shafeeq inked the agreement, while Acting Chief Investment Officer (CIO) of ICD, Bahaa Aldin Kirimly, signed on behalf of the Acting CEO of ICD, Eng. Hani Salem Sonbol.

According to the Maldives Finance Ministry, the primary objective of the first MOU is to establish a framework of cooperation aimed at identifying investment, financing, advisory services, or technical assistance opportunities within the ICD member countries. This collaboration seeks to promote sustainable socioeconomic development that is beneficial to both parties.

Meanwhile, the second MOU aims to establish a framework of cooperation to explore potential co-investment opportunities with ICD in setting up an Islamic bank in Uzbekistan.

During the Annual Meetings, IsDB commemorated the bank’s Golden Jubilee, with representatives from 57 member countries participating in the event.

 Also present were delegates from international and regional financial institutions, Islamic banks, private sector entities, national and international development finance institutions, as well as various NGOs, chambers of commerce and industry, and business councils.