On the sidelines of the 39th Annual Meetings of the Islamic Development Bank Group (IDBG), the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group, and the Ministry of Finance and Economic Development, Republic of Sierra Leone, have signed a memorandum of understanding (MoU).
This MoU aims at launching and facilitating cooperation and coordination between the Parties in the formulation, development, promotion and implementation of Special Economic Zones Initiatives (SEZs) in the Republic of Sierra Leone through the use of relevant international practices and experiences.
The government of the republic on Sierra Leone represented by H.E the Minister of Finance and Economic Development, Dr. Kaifala Marah and ICD, represented by Mr Khaled Al Aboodi, the CEO of ICD, stand ready to cooperate in the development of a conceptual framework for the role of SEZs under the new development model of Sierra Leone. In addition, the parties aim to develop a clear roadmap for the SEZs that would help guide the prioritization of each SEZ project giving the expected implication on the economic, legal and institutional environment in the Republic of Sierra Leone.
Through this MoU, ICD will have its first footprint in Sierra Leone market and will then contribute to the development of the country’s private sector. Mr. Khaled Al Aboodi, the CEO of the ICD has welcomed the signing of this MoU by saying “In order to enhance government capacity in member countries in developing Special Economic Zones initiatives within effective public private partnership models, ICD launched the SEZ Program in 2011. ICD aims at alleviating typical hurdles met by governments in developing SEZ projects by providing advisory services to member countries aligned with market demand through a network of specialized consultants and experts. The program leverages IDB Group’s internal capabilities and external partnerships to drive the project development from concept to implementation”.
His Excellency the Minister of Finance and Economic Development, Dr. Kaifala Marah thanked ICD and reaffirmed his full support to make the private sector a key player in the economic development of the country.
The parties agreed to meet after the signing of this memorandum in order to develop a detailed road map for the implementation of this cooperation framework.