Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

ICD in financing deal to support aluminum plant  Join our daily free Newsletter

MENAFN - Arab News - 18/01/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN - Arab News) The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDBG), has agreed to finance the new Aluminum Extrusion plant.

The event in Almaty took place with the support of the deputy prime minister of Kazakhstan and the Islamic Development Bank Group (IDBG) President

The new plant is being built by Aluminum of Kazakhstan LLC Co. (ALKA).

ALKA is a newly established Kazakh-Turkish joint venture with the aim of setting up a fully-integrated Aluminum casting and extrusion industry in Kazakhstan.

ICD will provide 10 million to finance the production lines of the plant and raw materials for the first year of production.

The project's total cost will reach 22 million, creating 150 direct jobs.

The project will contribute to the development of Kazakhstan economy by launching local production from a first integrated plant in Kazakhstan that produces state-of-the-art aluminum profiles for buildings, car industry, solar PV panels and other applications according to the latest European standards

Khalid Al-Aboodi, CEO of ICD, commented: "We are delighted to sign this agreement which we hope boosting the aluminum production, supply and trade."

Al-Aboodi said the project will also lead to creation of jobs, transfer of technology and promotion of sustainable practices.

The agreement represents an important element in the corporation's strategy as a catalyst for private sector development, he said

ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group.

The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Sharia.

ICD also provides advice to Governments and private organizations to encourage the establishment, expansion and modernization of private enterprises


Arab News

  MENA News Headlines
 Oct 4 2015 - Qatar might not need to hike interest rates: Central Bank governorGulf Times
(MENAFN - Gulf Times) Qatar, whose currency is pegged to the dollar, may not necessarily increase the interest rates, following an anticipated lift-off by the US Federal Reserve later this year; ...

 Oct 4 2015 - Jelaiha intersection opens to trafficGulf Times
(MENAFN - Gulf Times) The Jelaiha intersection was recently opened to traffic, the Public Works Authority (Ashghal) has announced. The opening constitutes Phase 1 of upgrading Al Khafji Street and ...

 Oct 4 2015 - FM lays stress on right to educationGulf Times
(MENAFN - Gulf Times) HE the Foreign Minister Dr Khalid bin Mohamed al-Attiyah has stressed the need to prioritise the right to education as millions of children around the world are still deprived ...

 Oct 4 2015 - Qatar- ASPIRE4SPORT event starts tomorrowGulf Times
(MENAFN - Gulf Times) ASPIRE4SPORT Congress and Exhibition 2015 is an exclusive two-day event and networking session opens in Berlin tomorrow. The event features a Global Summit related to football ...

 Oct 4 2015 - OIC must intensify efforts to face challenges: QatarGulf Times
(MENAFN - Gulf Times) The Organisation of Islamic Co-operation (OIC) must intensify its efforts in the face of challenges faced by people in Palestine, Syria, Iraq, Libya and Yemen as well to fight ...

 Oct 4 2015 - Qatar- Yaris and Corolla cars recalledTweetGulf Times
(MENAFN - Gulf Times) The Ministry of Economy and Commerce (MEC), in collaboration with Abdullah Abdulghani & Bros Co (AAB), has announced a recall of 2003-2007 Toyota Yaris and Corolla models due to ...

 Oct 4 2015 - Qatar- Meeting on women, crime preventionGulf Times
(MENAFN - Gulf Times) Qatar's Permanent Mission to the UN, in collaboration with Italy, Thailand, and the UN Office on Drugs and Crime (UNODC) hosted a meeting on "Women, Crime Prevention, Criminal ...

 Oct 4 2015 - Qatar- SEC renews school robotics programmeGulf Times
(MENAFN - Gulf Times) The Supreme Education Council (SEC) has signed a Memorandum of Understanding (MoU) with Maersk Oil Qatar (MOQ), the College of North Atlantic-Qatar (CNA-Q) and Qatar Petroleum ...

 Oct 4 2015 - Stars of Science shortlists innovators for 7th seasonGulf Times
(MENAFN - Gulf Times) Stars of Science, Qatar Foundation for Education, Science and Community Development (QF)'s "edutainment reality" TV programme on MBC4 that encourages science, technology and ...

 Oct 4 2015 - Qatar- QU college hosts delegates from LNG Japan, RasGasGulf Times
(MENAFN - Gulf Times) Qatar University College of Education (QU-CED) recently hosted a visit by a six-member delegation from LNG Corporation (LNG Japan) and RasGas Company Limited (RasGas).QU ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help