ICD, IsDB Group and Mizuho Bank sign bilateral agreement

The agreement was signed by Mr Ayman Sejiny, the Chief Executive Officer of ICD, and Mr Shojiro Mizoguchi, Chief Executive Officer of Mizuho Bank (Malaysia) Berhad.

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of Islamic Development Bank (IsDB) Group, and Mizuho Bank (Malaysia) Berhad, a subsidiary of Mizuho Bank Ltd. yesterday signed a bilateral agreement, signifying another milestone in the continuous strategic partnership between ICD and Mizuho Bank Group. The agreement was signed by Mr Ayman Sejiny, the Chief Executive Officer of ICD, and Mr Shojiro Mizoguchi, Chief Executive Officer of Mizuho Bank (Malaysia) Berhad.

During the signing event, Mr Sejiny commended the strong and continuous support and partnership between ICD and Mizuho, stating: "We are delighted to be working with one of our strong partners in the Asia region, the Mizuho Bank Group. The proceeds of this new financing from Mizuho will be used to support ICD's developmental mandate by encouraging and fostering the growth and expansion of private sector enterprises in our member countries. This transaction again reflects and underscores the trust and confidence of regional and international financial institutions on our global developmental agenda. ICD will continue to leverage on its relationship with Mizuho and other development partners in the broader Asia Pacific region in promoting private sector development and in sharing our Islamic finance knowledge and expertise amid growing interests for Shariah-compliant financing and investments. Furthermore, we are keen to co-finance with Mizuho SME and other projects compatible with our investment guidelines in our 54-member countries"

On his part, Mr Shojiro Mizoguchi observed: "This signing marks another achievement for Mizuho Bank (Malaysia) in expanding its Islamic finance businesses and it has also cemented our view of ICD as one of the most dynamic and reputable multilateral development institutions across the world. We are confident that this transaction will further strengthen our capacity to develop Sharia'a compliant businesses in the coming years".

(With Inputs from APO)