The Islamic World Educational, Scientific, and Cultural Organization (ICESCO) and the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, signed a Memorandum of Understanding to cooperate in capacity development and skills enhancement to support entrepreneurship and start-ups.

The agreement also includes implementing joint initiatives in agriculture and environmental sustainability, as well as promoting the employment of science and technology to address social and economic challenges. Additionally, it focuses on knowledge transfer and the exchange of experiences among Member States.

The MoU was signed on Tuesday, 11 February 2025, at ITFC’s headquarters in Jeddah, Saudi Arabia, by Dr. Salim M. AlMalik, Director-General of ICESCO, and Mr. Nazeem Noordali, Chief Operating Officer at ITFC, in the presence of several officials from both sides.

In his remarks, Dr. AlMalik welcomed the signing and emphasized ICESCO’s rapid progress over the past five years. He highlighted the Organization’s key programs and initiatives, including the development of the Islamic World Charter for Artificial Intelligence and its extensive efforts in preserving Islamic heritage and safeguarding cultural identity. He reaffirmed ICESCO’s commitment to transparency in working with Member States to address their needs effectively.

For his part, Mr. Nazeem Noordali welcomed Dr. AlMalik and the ICESCO delegation to ITFC’s headquarters, commending their visit. He emphasized ITFC’s significant role in financing projects that drive economic development across the Islamic world and highlighted its commitment to effective collaboration with ICESCO in areas of mutual interest to achieve shared objectives.

Under the terms of the MoU, the agreement seeks to establish a framework for cooperation in implementing joint initiatives and programs aimed at fostering entrepreneurship and start-ups, particularly those targeting youth and women. It also aims to bridge the skills gap in the labor market, especially for vulnerable groups, while leveraging scientific and technological solutions in agriculture, food security, and food waste management as mechanisms for sustainable economic growth.

Additionally, the MoU focuses on enhancing the capacities of Member States to address climate change and promote environmental sustainability through education, innovation, and green technologies, while encouraging knowledge exchange and the sharing of best practices between the Member States of both parties.