Signing of the Line of Financing agreement between the Islamic Corporation for the Development of the Private Sector (ICD) and Sub Saharan African Banks

    Signing of the Line of Financing agreement between the Islamic Corporation for the Development of the Private Sector (ICD) and Sub Saharan African Banks.

    ICD is now focusing on increasing access to funding to the private sector by channeling the funds to established financial institutions in its member countries

    The Islamic Corporation for the Development of the Private sector (ICD) (www.ICD-PS.org) and Afriland First Group, Banque Islamique du Senegal, EBID, BSIC Mali and Coris Bank Mali signed a Line of financing agreements for a Euro 45 million, Euro 50 Million, Euro 25 Million, Euro 9 Million and Euro 6 Million respectively.

    The small and medium sized enterprises (SMEs) have a crucial role to play in a country’s growth and development, and ICD has big plans for them.

    The Euro 135 Million Line of financing facility will be extended by the above Banks to the SMEs covering various sectors such as industrial, communication, technology, health, manufacturing, agricultural sectors, etc. in Cameroon, Cote d’Ivoire, Guinea, Senegal and other ICD member countries in Africa.

    In this occasion ICD Management commented: “The small and medium sized enterprises (SMEs) have a crucial role to play in a country’s growth and development, and ICD has big plans for them. This is an important niche in all the member countries, especially in Africa. ICD is now focusing on increasing access to funding to the private sector by channeling the funds to established financial institutions in its member countries”.

    Previously ICD extended several Line of Financing facility for the development of Small and Medium Enterprises in Africa which demonstrates ICD’s firm commitment to develop the private sector in its member countries.