The International Finance Corporation (IFC), a member of the World Bank Group, and Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group, Monday announced that ICD has adopted IFC's Master Cooperation Agreement. The agreement makes it easier for both institutions to collaborate on private sector investments in the Middle East and North Africa and in emerging markets worldwide. The IFC mobilizes funding from other financiers to meet the needs of private sector clients in emerging markets. The Master Cooperation Agreement standardizes steps that lenders take when joining IFC to co-finance projects, increasing efficiencies and cutting costs to borrowers and lenders throughout the loan period. Lenders who adopt the agreement benefit from IFC's existing syndication platform, deal-structuring expertise, due diligence, and global presence. “The IFC and the ICD share a mission of supporting the private sector in emerging markets, and we look forward to enhancing our cooperation on projects in the Middle East and North Africa and in other parts of the world,” said Jingdong Hua, IFC Vice President and Treasurer. “The ICD looks forward to cooperating with IFC especially in providing Shariah-compliant facilities to companies or projects in our common member countries,” said Ahmed Khizer Khan, ICD's Chief Operating Officer.
