Concluded under the Annual Meeting theme “Diversifying Economies, Enriching Lives,” the signings reinforce ICIEC’s role as a catalyst for trade and investment across its 50 Member States. They cover a wide spectrum of strategic sectors, including food‑security supply chains, reinsurance, trade finance, energy, transport, infrastructure, and investment promotion—illustrating the breadth of the Corporation’s mandate to de‑risk development projects with Shariah‑compliant insurance and reinsurance solutions.

Highlights include an inward quota‑share treaty with Algeria’s CAGEX that supports Algerian exports; partnership frameworks with Nigeria’s NEXIM Bank; and Non‑Honouring of Financial Obligations policies, backing more than EUR 518 million of structured financings arranged by Standard Chartered. These policies secure projects such as Côte d’Ivoire’s landmark Tour F government complex, Türkiye’s Nakkaş‑Başakşehir Motorway, and financing to the Eastern and Southern Africa Trade Development Bank (TDB) to support developmental projects in common member countries. A USD 40 million insurance cover supports dredging works at Oman’s expanding Sohar Port. Two insurance policies were signed with Al Baraka Bank Egypt to support funded and unfunded trade finance transactions to the tune of USD 100 million.

Held within the 13th Private Sector Forum, ICIEC’s High‑Level Panel Discussion—“Unlocking Trade Potential among Africa, Arab Countries, and Algeria: The Role of Risk‑Mitigation Tools in Promoting Trade and Investment” convened roughly 300 high‑profile participants, including senior Algerian officials, C‑suite executives from regional and international companies, investors, and representatives of trade‑promotion agencies and development finance institutions. The session positioned Algeria as a strategic bridge between the Arab world and Africa while demonstrating how Shariah‑compliant risk‑management instruments can unlock cross‑border capital and accelerate sustainable development across member states.

Dr. Khalid Khalafalla, CEO of ICIEC, said: “These agreements epitomise ICIEC’s mission: turning risk into opportunity so our Member States can diversify their economies, fortify food and energy security, and unlock sustainable growth. By providing more than USD 700 million in Shariah‑compliant insurance and forging new partnerships with leading export‑credit agencies, we are extending ICIEC’s cumulative development impact—already over USD 121 billion in insured trade and investment—while directly supporting the Sustainable Development Goals.”

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Throughout the five-day meetings, held in the Kenyan capital, Nairobi, shareholders approved a $117 billion callable capital increase, raising the Bank’s total capital to $318 billion. This boost is intended to strengthen the Bank’s capacity for interventions across Africa.

“This is a major demonstration of the faith, of the confidence that our shareholders have in us,” said Bank president Akinwumi Adesina. “Their confidence in our ability to use resources well, their confidence in our ability to mobilize more capital with what we have, and it will give us more liquidity as a bank to be able to do more.”

The theme of this year’s event, held from 27 – 31 May, was “Africa’s Transformation, the African Development Bank Group, and the Reform of the Global Financial Architecture.” Adesina emphasized the necessity for a fairer and more equitable global financial architecture and climate finance system, ensuring it benefits the countries that need it most.

The event saw Kenya pledging $20 million to the African Development Fund, the concessional window of the Bank Group serving 37 low-income countries. This pledge makes Kenya the largest regional member country contributor to the fund.

This year’s meetings attracted over 10,000 participants from Africa and beyond and marked the launch of the Bank’s 60^th anniversary celebrations. Delegates included several African heads of state and government, Bank governors, executive directors, senior government leaders, development partners, academia, and civil society representatives.

Apart from statutory meetings, the event featured several side events and knowledge-sharing dialogue sessions, led by African and global experts. The Bank’s flagship African Economic Outlook report was also unveiled, revealing that African economies are demonstrating resilience despite challenging economic conditions. The report noted an average GDP growth of 3.7 percent for 2024, with a projected increase to 4.3 percent in 2025.

Adesina underscored the importance of Africa being central to the global financial architecture: “The Bank must continue to lead that charge. We need to be at the table. As Africans, we should believe in ourselves and write a new narrative for Africa. The growth of Africa will support the growth of the world with Africa at its heart.”

There was consensus that to achieve Africa’s structural transformation, there is a need to improve the macroeconomic environment, domestic resource mobilization, tax collection, digitalization, formalizing the informal sector, tackling illicit capital flows and corruption, and improve the capacity of countries to better negotiate taxes and royalties from their vast natural resources.

Shareholders also strongly endorsed the creation of an African credit rating agency, designed to better understand and fairly assess the continent’s conditions.

“That African rating agency is not going to be a replacement for the global rating agencies,” Adesina explained. “What the heads of state are saying is they want a counterpart institution that understands the conditions in the continent better.“

Adesina stressed the need for reform in the global rating system: “The global rating system has to change. We need to create a fair response that rates African countries properly and with equity. Africa is not asking for a pass, but there needs to be a fair process that rates African countries properly. It’s about fairness, it’s about equity, it’s about making sure that both sovereign and non-sovereign are rated properly.”

In the final Communique, the Bank’s Governors, representing shareholders, highlighted several positive developments, including the Bank’s efforts to enhance food and nutrition security in Africa through its Feed Africa Strategy. They also expressed confidence in Africa’s ability to build a green energy infrastructure while pursuing a low-carbon future.

The Communique underscored the need for increased private sector investments to accelerate Africa’s transformation. It called on the Bank’s management to further strengthen support for regional member countries to help them achieve sustainable development goals.

The Governors welcomed efforts to secure over $1.5 billion in financing through the Affirmative Finance Action for Women in Africa (AFAWA) and to mainstream gender across all operations.

The Nairobi gathering marked the 59^th Annual Meeting of the Board of Governors of the African Development Bank and the 50^th Meeting of the Board of Governors of the African Development Fund.

The meetings concluded with Kenya’s Cabinet Secretary for National Treasury and Economic Planning, Prof. Njuguna Ndung’U, chair of the 2024 event, handing over the baton to Côte d’Ivoire’s Minister of Economy, Planning, and Development, and Bank Governor, Niale Kaba, as the country prepares to host the 2025 Annual Meetings in Abidjan from May 26 to May 30, 2025.

The Bank will climax activities marking its 60^th anniversary in September.

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TASHKENT, UZBEKISTAN: At the 3^rd Tashkent Investment Forum, the Islamic Corporation for the Development of the Private Sector (ICD) and JSC Ziraat Bank Uzbekistan, formalized an expression of intent to partner to collaborate in empowering small and medium-sized enterprises (SMEs) and fostering economic growth in Uzbekistan.

Through this partnership, ICD will provide JSC Ziraat Bank Uzbekistan with a Line of Financing (LoF) facility, to fund private sector projects as an agent of ICD. This initiative is poised to significantly boost the SME landscape in Uzbekistan by equipping entrepreneurs with the necessary resources to initiate and grow projects that meaningfully contribute to the national economy.

Ziraat Bank Uzbekistan, now a strategic partner for ICD, stands out as a prominent commercial bank with foreign capital. The new LoF facility not only marks the commencement of collaboration between the two entities but also underscores ICD’s dedication to advancing the private sector within its member countries, further solidifying its role in spurring economic development across the Islamic world.

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In the new research study, published in Frontiers in Nutrition and funded by the Almond Board of California, 25 mildly overweight middle-aged men and women performed a 30-minute downhill treadmill run test after eight weeks of consuming 57g (two ounces) of whole raw almonds daily. The control group ate a calorie-matched (86 g/three ounces) snack of unsalted pretzels. The treadmill test was designed to cause muscle damage to see how almonds affected muscle recovery.

Researchers measured participants’ muscle function; blood markers of muscle damage and inflammation; and perceived muscle soreness using a visual scale, before, during, and at three time points after the treadmill test. They also measured markers of cardiometabolic health, body composition, and psycho-social assessments of mood, appetite, and well-being at baseline and after eight weeks of almond snacking.

The results: Study participants who ate almonds experienced an almost 25 percent reduction in muscle soreness when performing an explosive power exercise (a vertical jump challenge) over the cumulative 72-hour exercise recovery period. The perceived reduction in soreness translated to better muscle performance during the vertical jump challenge in the almond group versus the control. No significant differences were observed in measures of cardiometabolic health, muscle damage/inflammation, mood state, or appetite for the almond group or the control group.

This study included non-smoking participants who were mildly overweight and occasionally physically active but were not trained athletes. A limitation of this study is that the results are not generalizable to populations with other demographic and health characteristics.

“Our study suggests that snacking on almonds can be recommended to occasional exercisers as a go-to food to help fitness recovery after strenuous exercise,” said Dr. Oliver C. Witard, Senior Lecturer in Exercise Metabolism and Nutrition at Kings College London. “Almonds are naturally nutritious with protein, good fats, and the antioxidant vitamin E. They can be considered an ideal food for fitness.” One serving of almonds (28 g) has 4 g of plant protein, 13 g of good unsaturated fat, and only 1 g of saturated fat.

Dr. Witard’s study joins previous research that examined how regular almond snacking affected exercise recovery for healthy adults who exercise occasionally.

“Sticking to an exercise routine is not easy, so finding dietary strategies to help people be – and stay – physically active is important for public health. Our preliminary findings are encouraging in showing that almond snacking may promote adherence to new training programs among people who are unaccustomed to exercise,” said Dr. Witard.

One ounce (28 g) of almonds provides 6g of protein, 4 g of fiber, and 15 essential nutrients, including 76 mg of magnesium (20% DV), 7.3 mg of vitamin E (50% DV), and 210 mg of potassium (4% DV), making them a great snack for healthy active lifestyles.

Ritika Samaddar, Regional Head-Dietetics, Max Healthcare – Delhi said, “Over the years, I have consistently recommended daily consumption of almonds to my patients, and the new study funded by the Almonds Board of California shows it is extremely crucial to incorporate these powerhouses of nuts into their diet. The findings of the Witard study, which suggest that consuming almonds daily can reduce muscle soreness and enhance muscle function, excite me as a dietitian. The noteworthy discovery of a 25% decrease in muscle soreness throughout the 72-hour recovery period emphasizes the significance of incorporating nutrient-dense foods, such as almonds, into a balanced diet to promote general health and fitness. The study also highlights the potential of almonds to encourage those who are not used to exercising to stick to new training regimens. Overall, as a dietitian, I strongly recommend incorporating almonds into the diet, as they offer vital nutrients, including protein, healthy fats, and antioxidant vitamin E, that are beneficial for both overall health and muscle rehabilitation when included in a regular diet.”

Dr. Rohini Patil, MBBS & Nutritionist said “As a nutritionist, I’ve long advocated for the inclusion of almonds in my patients’ diets due to their exceptional nutritional profile. This latest study highlights the importance of almonds in muscle recovery and performance. The significant reduction in muscle soreness observed in participants consuming almonds highlights their potential to support post-exercise recovery, ultimately leading to enhanced muscle function. Moreover, the fact that this improvement in muscle performance was accompanied by no adverse effects on other health parameters reaffirms almonds’ role as a safe and effective dietary component. I highly recommend incorporating almonds into your diet for their myriad health benefits, including aiding in muscle rehabilitation and promoting overall well-being.”

Overall, the latest study funded by the Almond Board of California suggests that snacking on almonds for eight weeks reduced perceived feelings of muscle soreness during recovery from muscle-damaging exercise, resulting in better maintenance of muscle functional capacity. This study suggests that almonds are a functional food snack to improve exercise tolerance in mildly overweight, middle-aged adults.

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The initiative will be implemented in partnership with Apollo Agriculture Limited, a leading agriculture company in Kenya, to sell fertilizers through a part of its network. Most smallholder farmers in Kenya buy fertilizers through informal credit, microfinance institutions, and commercial channels. The project will support Apollo Agriculture Limited to sell fertilizer through a part of its network, thereby improving access to fertilizers for beneficiaries.

The project is expected to improve farming productivity by facilitating access to fertilizers for beneficiaries, thereby boosting farmer income and Kenya’s food security. The Fertilizer Financing for Sustainable Agriculture Management project will improve farming productivity by facilitating access to fertilizers for beneficiaries, thereby boosting farmer income and Kenya’s food security.

“The Fertilizer Financing for Sustainable Agriculture Management project will improve farming productivity by facilitating access to fertilizers for beneficiaries,” said Marie Claire Kalihangabo, Africa Fertilizer Financing Mechanism Coordinator. The project will stimulate the private sector’s fertilizer financing in Kenya, improving food production and the Bank’s Technologies for African Agricultural Transformation.

The fertilizer market’s leading players include importers, blenders, and the Kenyan government, which runs a fertilizer subsidy program. The project will support the distribution of over 7,000 tonnes of fertilizers to smallholder farmers in Kenya, who are the main beneficiaries of the fertilizer subsidy program. The project is expected to increase food production, income, and job creation for Kenyan farmers.

Benjamin Njenga, co-founder of Apollo Agriculture Limited, said: “Apollo Agriculture is pleased to establish a partnership with the Africa Fertilizer Financing Mechanism to support small-scale farmers, thereby boosting farmer income and Kenya’s food security.”

The Board of Directors of the African Development Bank approved the Fertilizer Financing for Sustainable Agriculture Management project because it will stimulate the private sector’s fertilizer financing in Kenya, improving food production and the Bank’s Technologies for African Agricultural Transformation. The project is expected to have a significant impact on the lives of smallholder farmers in Kenya, who are the backbone of the country’s agriculture sector.

In conclusion, the Africa Fertilizer Financing Mechanism’s commitment of over $2 million to support the distribution of fertilizers to smallholder farmers in Kenya is a significant step towards improving food production, income, and job creation for Kenyan farmers. The project, which will run between 2024 and 2026, is expected to have a significant impact on the lives of smallholder farmers in Kenya, who are the backbone of the country’s agriculture sector.

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