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Signing of the Line of Financing agreement between ICD and Nigerian Banks

During the signing of the agreement. (Image source: ICD)

The Islamic Corporation for the Development of the Private sector (ICD) and Jaiz Bank, SunTrust Bank and Wema Bank have signed a Line of financing agreements for a US$20mn, US$10mn and US$20mn respectively

US$50mn Line of financing facility will be extended by the above Nigerian Banks to the SMEs covering various sectors such as industrial, communication, technology, health, manufacturing, agricultural sectors, etc.

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 channelling the funds to established financial institutions in its member countries.”

Previously ICD extended a total of US$120mn Line of Financing facility for the development of small and medium enterprises in Nigeria which demonstrates ICD’s firm commitment to develop the private sector in its member countries.

ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities or investments which are in accordance with the principles of non-interest banking.

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