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ICD in Deal with Aden Sugar to Build Refinery in Yemen

JEDDAH — The Islamic Corporation for the Development of the private sector, or ICD, the private sector development arm of the Islamic Development Bank Group, signed an agreement with Aden Sugar Refinery, a member of the Midroc Al Amoudi, for establishing a sugar refinery in Yemen.

Khaled Al Aboodi, CEO and general manager of ICD, and Abdurrahman Omar Al Amoudi, deputy president of Midroc Al Amoudi Group, signed the deal at the bank’s headquarters in the presence of high-ranking officials of the Government of Yemen and syndicating banks.

Mohammed Hussain Al Amoudi, owner of Midroc Oil and Gas Sector Companies, said that the project, which employs around 300 people, has a total capacity of one million tonne per annum.

ICD is acting as the lead arranger of a $120 million Ijara facility for financing the equipment of the project, which will be located at Aden Free
Zone, Yemen.

The syndicating banks include Europe Arab Bank, the Arab Fund for Economic and Social Development, Opec Fund for International Development and Boubyan Bank.
habib@khaleejtimes.com