Tuesday, January 18, 2022
Sinopia - Banner Ad for Capital Ethiopia
Sinopia - Banner Ad for Capital Ethiopia
previous arrow
next arrow
Shadow
HomeispotThe Islamic Corporation for the Development of the Private Sector (ICD) and...

The Islamic Corporation for the Development of the Private Sector (ICD) and African Export-Import Bank sign Line of Financing agreement

The Islamic Corporation for the Development of the Private sector (ICD) and the African Export-Import Bank (Afreximbank) signed a Line of Financing agreement for a USD 100-million facility.
The USD 100-million facility will be utilized by Afreximbank to provide Shariah-compliant financing to small and medium-sized enterprises (SMEs) in its member countries in Africa. Afreximbank has a solid pipeline of projects in the industrial, communication, technology, healthcare, construction and agricultural sectors that would be financed by the ICD Line of financing.
On this occasion Khaled Al Aboodi, CEO of ICD, commented: “The proposed financing facility is a token of a good partnership between ICD and Afreximbank, with the purpose of supporting private sector businesses with a Shariah compliant facility structure in our common African member countries”.
“This facility will give a boost to our effort to implement our current strategy which prioritizes intra-African trade; intra –African investments and export manufacturing of the labour intensive type,” said Amr Kamel, Executive Vice President at Afreximbank.“It will also promote our knowledge in Islamic finance and provide us with additional manoeuvring capacity in terms of product offerings to our clients.”
“We are delighted that ICD has chosen to partner with us in the pursuit of Africa’s trade development. This collaboration will contribute to, the objective of fostering sustainable economic growth in the member countries of our two institutions, leading to job creations, contribution to export and Islamic finance development, among others,”Mr. Kamel added.
The key economic and financial developmental impact will be, but not limited to; developing private sector, especially SMEs, to help expand the real economic growth based on value creation, and promoting Islamic Finance based on the pipeline of AFREXIMBANK projects.

RELATED ARTICLES
- Advertisment -

Most Popular

Recent Comments

ART, LAW & OPEN BORDERS! – Al Nejash Media on ART, LAW & OPEN BORDERS!
Be original – Al Nejash Media on Be original
[09.15.2018.00:15] Russian, Turkish presidents to discuss Idlib on September 17 – 含的兒子是古實、麥西、弗、迦南。 7 古實的兒子是西巴、哈腓拉、撒弗他、拉瑪、撒弗提迦。拉瑪的兒子是示巴、底但。 8 on MetEC outsources electromechanical work of GERD to Chinese firm
ART FOR HEALING – Al Nejash Media on ART FOR HEALING
BREAKING NEWS: Azeb Asnake removed from EEP – Al Nejash Media on BREAKING NEWS: Azeb Asnake removed from EEP
Big fish Getaneh Kebede signed with Saint George – Al Nejash Media on Big fish Getaneh Kebede signed with Saint George