Togo to ratify agreements to create Islamic Corporation for Private Sector Development

Finance
Friday, 21 September 2018 17:43
Togo to ratify agreements to create Islamic Corporation for Private Sector Development

(Togo First) - Togo’s government, during a ministers’ council held last Thursday, has adopted a bill to approve the ratification of an agreement to establish the Islamic Corporation for Private Sector Development (SID).

The tool which was created with a $4 billion capital in Jeddah, Saudi Arabia, on November 3, 1999, is a subsidiary of the Islamic Development Bank (IDB). Its shareholders are IBD (45%), 53 adhering States (46%) and five public financial institutions (9%).

The SID exists to foster the economic development of its adhering States by supporting the creation, expansion and modernization of private firms, in pair with IDB’s actions.

In detail, the SID’s main goals consist in identifying opportunities in the private sector that could spur the growth of its member States, providing a wide range of financial services and products, developing Islamic finance and financial markets.

Ratifying the agreement for the creation of this institution will “enable Togo’s private sector to benefit from various opportunities and assets brought about by the new institution, especially in the sectors of agriculture, fishery, infrastructures, technology, power supply, education, health, real estate, trade and finance,” the ministers’ council said.

Séna Akoda

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