An important part of the MoU is ICD’s continued engagement, on a strictly non-binding and best-effort basis, to arrange a Shariah-compliant syndicated or club financing facility for a proposed mining project of strategic importance

EDDAH, Saudi Arabia, March 13, 2026/ — 

• Three-year Memorandum of Understanding signed to strengthen ICD’s cooperation with the Islamic Republic of Mauritania.
• ICD to support Shariah-compliant financing mobilization for a proposed mining project of strategic importance.
• Cooperation to support sovereign credit rating readiness, PPP ecosystem development, and SME financing.

The Islamic Corporation for the Development of the Private Sector (ICD) (https://ICD-PS.org), the private sector arm of the Islamic Development Bank (IsDB) Group, and the Islamic Republic of Mauritania, have signed a three-year Memorandum of Understanding (MoU) establishing a framework for strategic cooperation across key areas of private sector development and economic capacity building.

The agreement was signed at ICD Headquarters by H.E. Dr. Abdellah Souleymane Cheikh-Sidia, Minister of Economic Affairs and Cooperation, IsDB Governor and the Acting CEO of ICD, Dr Khalid Khalafalla in the presence of H.E. Mohamed Lemine Dhehby, Central Bank of Mauritania, IsDB Alternate Governor, and senior officials from the IsDB Group and members of the Mauritanian delegation.

An important part of the MoU is ICD’s continued engagement, on a strictly non-binding and best-effort basis, to arrange a Shariah-compliant syndicated or club financing facility for a proposed mining project of strategic importance.

Beyond this flagship initiative, the cooperation framework encompasses a range of activities aimed at strengthening Mauritania’s institutional foundations and broadening access to private sector financing. These include supporting Mauritania’s sovereign credit rating engagement, developing a Public-Private Partnership (PPP) ecosystem, and extending lines of financing to local financial institutions to enhance SME access to capital. ICD will also work to identify and finance bankable projects in priority sectors, including energy.

Commenting on the signing, Dr. Khalid Khalafalla, Acting Chief Executive Officer of ICD, said: “We are honored to formalize this cooperation with the Islamic Republic of Mauritania. This MoU reflects our commitment to deploying Shariah-compliant finance as a catalyst for sustainable development. From supporting one of the country’s most significant mining project to building institutional capacity in areas such as PPP and sovereign credit rating readiness, ICD is proud to play a role in Mauritania’s long-term economic transformation.”

H.E. Abdullah Suleiman Sheikh Sidiya, Minister of Economic Affairs and Development and IsDB Governor for Mauritania, stated:  “This partnership marks an important step in strengthening Mauritania’s efforts to accelerate sustainable and inclusive economic growth. Through this cooperation with ICD, we aim to mobilize innovative and Shariah-compliant financing solutions to support strategic investments, strengthen our institutional framework, and expand opportunities for private sector development. We particularly welcome ICD’s support in areas such as sovereign credit rating engagement, the development of a robust PPP ecosystem, and improving access to finance for SMEs. These initiatives will contribute to unlocking Mauritania’s economic potential and advancing our long-term development objectives.”

H.E. Mohamed Lemine Dhehby, Governor of the Central Bank of Mauritania and Alternate Governor of the IsDB Group, said: “Strengthening Mauritania’s sovereign credit profile is an important step toward deepening our integration into international financial markets and unlocking new sources of sustainable financing for our development priorities. We welcome ICD’s support in advancing our sovereign credit rating engagement and in reinforcing the financial ecosystem necessary to attract long-term investment. This collaboration will contribute to enhancing transparency, strengthening investor confidence, and supporting the continued development of Mauritania’s financial sector.”

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD). 

About the Islamic Republic of Mauritania:
The Islamic Republic of Mauritania is a member state of the Islamic Development Bank Group. Its Ministry of Economic Affairs and Development is the government body responsible for formulating and implementing national economic strategy, coordinating development programming, and managing Mauritania’s engagement with international financial institutions.

About the Islamic Corporation for the Development of the Private Sector:
ICD, a member of the Islamic Development Bank (IsDB) Group, is a multilateral financial institution established in 1999. ICD promotes economic development in member countries by financing private sector projects, fostering competition and entrepreneurship, offering advisory services, and encouraging cross-border investments. It holds strong credit ratings, including A2 by Moody’s, A+ by Fitch, and A- by S&P. ICD focuses on Shari’ah-compliant financing for projects like infrastructure and private equity funds, aiming to create jobs and boost exports.

For more information, visit https://ICD-PS.org and follow ICD on X, LinkedIn, Facebook, and YouTube @icdps.

SOURCE
Islamic Corporation for the Development of the Private Sector (ICD)