Islamic Corporation for the Development of the Private Sector (ICD) Signs 11 Transformative Agreements Aimed at Spearheading Private Sector Expansion in Member Countries

Riyadh, Saudi Arabia – April 29, 2024 – The Islamic Corporation for the Development of the Private Sector (ICD) is pleased to announce the signing of 11 pivotal agreements aimed at fostering economic development and facilitating private sector growth and access to capital in several of its member countries.

These agreements underscore ICD’s commitment to driving sustainable growth and prosperity through strategic partnerships and financial support.

In its efforts towards expanding access to finance in Côte d’Ivoire, the ICD has signed a EUR 15 million Line of Financing Agreement with Banque de l’Union Cote d’Ivoire (BDU-CI). This agreement will provide BDU-CI with the resources needed to finance a range of private sector projects in Côte d’Ivoire, contributing to economic growth and job creation.

In line with its objectives of empowering SMEs in its member countries, the ICD has signed a Letter of Intent (LOI) with the Cameroonian bank, Credit Communautaire d’Afrique of Cameroon (CCA).

This LOI is intended to pave the way for a potential EUR 10 million Line of Financing facility to be extended by ICD to CCA, enabling CCA to further support small and medium-sized enterprises (SMEs) in Cameroon.

This collaboration strengthens the ICD’s partnership with the Cameroonian banking sector and underscores ICD’s commitment to SME development in general.

Further, in its efforts to boost private sector growth in Uzbekistan, the ICD has signed a series of agreements with several Uzbek banks to bolster private sector development in Uzbekistan.

These agreements include: a Memorandum of Understanding (MOU) with Trustbank, in respect of a proposed USD 10 million Line of Financing facility to support the bank’s efforts in financing eligible private sector entities in Uzbekistan, an MOU with Orient Finans Bank (OFB) to explore providing additional Line of Financing facility to the OFB having regard to the successful implementation of previous similar facilities extended to it by ICD.

In addition, the ICD also signed two other MOUs with Asia Alliance Bank and Uzbek Leasing International underscoring the ICD’s continued commitment to fostering economic growth in Uzbekistan and providing Uzbek banks with the much-needed funding and support to expand and enhance their operation and support to private sector enterprises in Uzbekistan.

In terms of equity investments, the ICD, in its efforts towards promoting access to finance and financial inclusion also signed an MOU with Anor Bank of Uzbekistan with the objective of exploring the possibility of transforming a conventional finance company, Taiba Finance, into the first Islamic Bank in Uzbekistan.

This collaboration represents a significant step towards promoting financial inclusion in Uzbekistan.

As a demonstration of its commitment to support the economic growth of each member country, the ICD has also signed an MOU with Azerbaijan Investment Company OJSC.

This collaboration underscores ICD’s commitment to deepening its engagement and support for private sector initiatives, thereby fostering sustainable economic growth and prosperity in Azerbaijan.

In addition, the ICD also signed a Line of Financing Agreement with Rabitabank of Azerbaijan, by which it will be providing the bank with a USD 15 million Shariah-compliant line of finance facility to be channeled to finance and support SMEs in Azerbaijan.

This facility again underscores ICD’s unwavering dedication to empowering local businesses and contributing to private sector growth and economic development in general in its member countries in the CIS region.

The 2024 Annual Meetings of the Islamic Development Bank (IsDB) stand as a pivotal moment in the organization’s history, marked by a theme encapsulating its five-decade journey of fostering socio-economic development: “Cherishing our Past, Charting our Future: Originality, Solidarity, and Prosperity.”

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