At the China-OIC Forum last week, the China-Africa Development Fund or CADFund, the Beijing-based private equity firm, and the Islamic Corporation for the Development of the Private Sector, an arm of the Islamic Development Group announced the two institutions had signed a Memorandum of Understanding to explore and execute co-financing and co-investment opportunities in up to 19 countries on the continent.
As part of the MoU, both institutions will look to collaborate on research and capacity-building programs to develop initiatives that are demand-driven and tailored to better serve target markets. Additional efforts will be made to source and boost investment opportunities in African small and medium-sized enterprises in order to enhance the impact made by these businesses to the creation of sustainable economic growth.
“In recent years, although Africa’s economy has grown rapidly, questions are sometimes raised regarding the sustainability of this growth,” commented CADFund’s President & CEO Shu Jiyang. “I believe this MoU has an important role to play. It will not only help stimulate business and investment in Africa moving forward, but it will also contribute to the sustainable economic development of the selected African countries by expanding the private sector and most importantly, creating quality jobs.”