JEDDAH — 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 held in Jeddah recently. 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 signing of MoU took place on the sidelines of he Forum 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, director of Investments in IDB, said 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. Serge Thierry Mickoto, Chief Executive Officer of FGIS, said 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. — SG
