The OIC-Senegal Investment Forum held on June 16 and 17, 2022 concluded with the birth of a platform dedicated to facilitating investment for the African private sector.
At the behest of the Islamic Corporation for the Development of the Private Sector (ICD), a specialized body of the Islamic Development Bank (IsDB), financial institutions have decided to set up an information exchange framework in order to facilitate businesses’ access to financing.
The institutions that have sealed this framework include SID, Afreximbank, the West African Development Bank (BOAD), the African Solidarity Fund (ASF), the Islamic Center for Development of Trade (ICDT) and BADEA, in addition to the Senegalese Investors Club (CIS).
The « Dakar Pact », open to all development institutions
The initiative taken on June 17 will be sealed soon by a workshop to better understand the expectations of the Senegalese and African private sector in general and, on the investors’ side, to reduce the asymmetry of information. The Islamic Centre for Development of Trade (ICDT), organizer of the 17th edition of the OIC Trade Fair and the OIC-Senegal Investment Forum in partnership with the International Foreign Trade Centre (CICES) of Senegal, will take up the secretariat and the follow-up of the Dakar Pact.
The « Dakar Pact », which is open to all development institutions, as recalled by Latifa Elbouabdellaoui, Director of ICDT, Hamza Boukili, Director of Partnerships at SID and Ismaila Kamara, Senior Credit Officer at Afreximbank, will eventually lead to the establishment of a mechanism for the exchange of information, the financing of project studies and the structuring of enterprises, particularly SMEs, faced with the difficulty of presenting reliable financial statements in their quest for financing.
Source : financialafrik
