First Bank of Abu Dhabi Misr (FABMISR) signed a 3-year memorandum of understanding (MoU) with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group, to explore potential co-funding opportunities for FABMISR’s current and future projects in Egypt.

The joint cooperation works as a catalyst to further foster the Egyptian Economy as well as the investment climate in the state through seizing investment opportunities and engaging in co-funding activities. Furthermore, the MoU aims to ensure the provision of medium-term liquidity lines to support the operations of the two parties.

The collaboration also aims to bolster the development pace of capital market through Sukuk (trust-certificates) structuring and advisory services among other various areas of cooperation in the capital market and treasury fields.            

Following the MoU signing, Mohamed Abbas Fayed, FABMSR Country CEO, stated: “FABMISR is honored to be partnering with The Islamic Corporation for the Development of the Private Sector (ICD) since the collaboration comes as a vital part of our development strategy to position the bank as an investment gate to Egypt. Likewise, the collaboration confirms on our firm commitment towards the Egyptian Economy, where we strongly believe in its power to overcome crises; in addition to Egypt being one of the strategic markets with the most potential globally.”

“Based on that, FABMISR always leads the narrative by initiating partnerships and unique growth opportunities–all while delivering the highest quality of innovative personalized banking services to cater for the various user-needs from consumers to SMEs.  Additionally, the Bank will contribute to the development to the Islamic Corporation by means of exchanging our deep knowledge and expertise within the sector regionally and globally,” Fayed continued.

On his part, Ayman Amin Sejiny, CEO of the Islamic Corporation for the Development of the Private Sector (ICD), expressed his delight, saying: “We are excited to be partnering with FABMISR, one of the largest foreign banks operating in Egypt, as the partnership backs our mission to accelerate knowledge sharing and capacity building­–specifically in the areas of financial management, human capital, advisory services, awareness and outreach. Moreover, the financing aid made available by the joint cooperation shall boost the process of institutional development and restructuring.”

“ICD aspires that such collaboration would be a model to be implemented in the member countries in line with the institution’s official strategy,” Sejiny added.

About FABMISR

FABMISR, a subsidiary of the First Abu Dhabi Bank Group (FAB), is one of the largest foreign banks operating in Egypt. FABMISR’s local network operates through 69 branches, where it provides leading banking products and services that cater to all customer segments; along with achieving the highest value for its stakeholders and employees. Moreover, the bank offers a personalized banking experience to meet the various expectations of its customers from large organizations, SMEs and consumers whilst utilizing its global experience to support stakeholders, entrepreneurs and the local economy.   

FAB is one of the world’s largest and safest financial institutions with an international network spanning over five continents. The bank also offers global relationships, extensive experience, and financial strength to support local, regional, and international companies seeking to manage their businesses at home and abroad.

FAB is rated Aa3, AA- and AA- by Moody's, Standard & Poor's (S&P, and Fitch, respectively), making it the most robust aggregate rating of banks in the Middle East and North Africa region. FAB is also a regional leader in sustainability and is part of the MSCI ESG Leaders Index and FTSE4Good EM.

For more information on FABMISR, please visit www.bankfab.com/en-eg.

About ICD:

The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is a member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies, and encouraging cross-border investments.

ICD is Rated A2’ by Moody’s, ‘A-’ by S&P, and, A+ by Fitch. ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive.

For more information, visit: www.icd-ps.org - Twitter: @ICD_PS