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IDB partners with Gabon Sovereign Wealth Fund

Jeddah, 10th of May, The Islamic Development Bank “IDB” and the Fonds Gabonais d’Investissements Stratégiques “FGIS” signed a Memorandum of Understanding on the occasion of the first IDB Member Countries Sovereign Wealth Funds Investment Forum, in Jeddah, KSA.

News AKD

(left to right) Dr. Ahmad Mohamed Ali – IDB President and Mr. Serge Thierry Mickoto – FGIS Chief Executive Officer

Chaired by IDB President Dr. Ahmad Mohamed Ali, the forum brought together various government investment funds to explore a range of direct investment opportunities in the IDB member countries.  The Forum highlighted private investment deals supported and financed by IDB, Sovereign Wealth Funds and Pension Funds from IDB Member countries. The Forum saw the participation of government entities such as the Public Pension Agency of Saudi Arabia, the Public Investment Fund of Saudi Arabia, Bahrain Mumtalakat Holding Company, The Oman Investment Fund, the State Oil Fund of the Republic of Azerbaijan and the Fonds Gabonais d’Investissements Stratégiques.

The signature of a Memorandum of Understanding took place as a side event to the Forum between the IDB and the FGIS relating to cooperation in investments and resource mobilization initiatives. The parties will explore ways in which they can cooperate, in the co-investments of public and private sector transactions, in sharing relevant project pipelines, in working together on fundraising efforts and in investments initiatives in strategic sectors.

Mohamed Hedi Mejai, the Director of Investments of IDB commented that this event was meant to gather the sovereign wealth funds including pension funds from IDB member countries to network between themselves and with IDB with the aim of increasing their co-investments.

Mr. Serge Thierry MICKOTO, Chief Executive Officer of the FGIS stated that this forum which is a leading platform to promote co-investment opportunities between government investment funds is appreciable. This reinforcement of relations with IDB will contribute to a strong, sustained, public- private sector led growth fostering inclusive economic development in Gabon.

About the two institutions:

IDB is an international financial institution established by the Conference of Finance Ministers of Muslim Countries held in Jeddah in December 1973 with a view to fostering the economic and social development of its member countries and Muslim communities individually as well as jointly in accordance with the principles of Islamic Law. The functions of the Bank are to participate in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development.

FGIS was established in 2012 by the Republic of Gabon as the exclusive asset manager of the Sovereign Wealth fund of Gabon to preserve and enhance the long-term purchasing power of future generations of Gabonese through efficient management of assets entrusted by the Government.  In addition and among other missions, the FGIS has the mission to promote a deep sustainable transformation of the economy.  The Fund acts as a catalyst for foreign direct investments in the country, through equity investments in strategic sectors.