In a decisive move to bolster Türkiye’s economic and agricultural landscape, the Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org) has partnered with Vakıf Katılım Bankası A.Ş. (Vakıf Katılım) to provide USD 30 million in financing dedicated to small and medium-sized enterprises (SMEs) and corporate entities in the agriculture sector.

This USD 30 million Commodity Murabaha Facility marks a significant step forward in ICD’s mission to foster sustainable economic development within its member countries. By channeling resources into Türkiye’s agriculture sector, a key pillar of the nation’s economy, this partnership aims to enhance food security, promote innovation, and drive the growth of SMEs, which are vital to the country’s economic resilience.

Catalyzing Growth and Innovation in Agriculture

Türkiye’s agriculture sector plays a crucial role in feeding the nation and contributing to its GDP. However, access to capital has often been a stumbling block for SMEs and corporate entities looking to innovate and expand. The financing provided by ICD through Vakıf Katılım will address these challenges by offering much-needed capital to drive growth, modernize operations, and adopt sustainable practices.

This initiative is not just about funding, it’s about empowering the agricultural community in Türkiye to reach new heights, ensuring that farmers and agribusinesses have the tools they need to thrive in an increasingly competitive market. The resulting boost in productivity and innovation will have a ripple effect, strengthening the entire economy.

Strategic Alignment with National Goals

This collaboration is perfectly aligned with Türkiye’s national objectives of increasing agricultural productivity, ensuring food security, and supporting SME growth. Vakıf Katılım, established in 2015 as one of Türkiye’s nine Participation (Islamic) banks, will leverage this facility to extend financial support to eligible projects. This effort underscores Vakıf Katılım’s commitment to promoting Participation (Islamic) banking and contributing to the economic development of Türkiye.

Key Highlights of the Agreement:

Funding Amount: USD 30 Million
Target Sector: Private sector projects, with a strong emphasis on agriculture and SMEs
Objective: To fuel business growth, drive innovation, and enhance food security in Türkiye
Strategic Alignment: Supports ICD’s Private Sector Channel Development Strategy and Türkiye’s national development goals

A Future-Ready Agriculture Sector

The partnership between ICD and Vakıf Katılım represents more than just a financial transaction; it is a shared vision for a future-ready agricultural sector in Türkiye. By enabling access to financial resources, this initiative will help bridge funding gaps, stimulate innovation, and foster a more robust and diverse economy. It is a powerful demonstration of how targeted financial support can lead to sustainable development, improved livelihoods, and a stronger national economy.

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

For further details, please contact:
Nabil El-Alami
Communications&Corporate Marketing Division Manager
nalami@isdb.org

About Vakıf Katılım Bankası A.Ş.:
Vakıf Katılım Bankası Anonim Şirketi is one of the nine Participation (Islamic) banks in Türkiye, established in 2015. The bank, 99% owned by the Republic of Türkiye Directorate General of Foundations (DGF), began its operations in 2016 and is dedicated to promoting the growth of Participation (Islamic) banking and supporting the economic development of Türkiye.

About the Islamic Corporation for the Development of the Private Sector (ICD):
ICD, a member of the Islamic Development Bank (IsDB) Group, focuses on supporting economic development and private sector growth in its member countries through Shariah-compliant financing and investment solutions. ICD is highly rated by international credit agencies, including A2 by Moody’s, A+ by Fitch, and A- by S&P.

Yellow Card (https://YellowCard.io/), Africa’s leading stablecoin on/off ramp, has announced that it is integrating digital asset infrastructure provider Fireblocks to improve cross-border transactions for both businesses and individuals. By utilizing Fireblocks, Yellow Card seeks to remove obstacles for global corporate treasury, in accessing African markets, by offering secure and effective on-chain solutions. This includes leveraging Fireblocks’ Wallets-as-a-Service (WaaS) which enables Yellow Card to create, manage, and secure up to 14 million multi-party computation (MPC) wallets at scale and safeguard customer assets.

“We’re excited to work with Fireblocks to enable real-world use cases for stablecoins, solving the complex challenges of international and pan-African transactions,” said Chris Maurice, CEO and co-founder of Yellow Card. “Together, we enhance how businesses around the world manage their treasury, make payments, and drive innovation across Africa.”

Fireblocks is an easy-to-use platform to create new blockchain-based products and manage day-to-day digital asset operations, having secured the transfer of over $6 trillion in digital assets.. Together, Yellow Card and Fireblocks will tackle the complex challenges faced by multinational corporate treasuries such as regulatory compliance, currency volatility, and inefficient legacy banking systems.

“Much like the rest of the world, Africa has seen a transformative shift from traditional payment methods to alternative payments, driven by new technologies, with $100 billion (https://apo-opa.co/4dtthwI) worth of remittances flowing into the continent. However, cross-border payments are still encumbered by high costs, with low-value cross-border payments incurring steep fees,” said Ran Goldi, SVP Payments and Network at Fireblocks. “We are delighted to be working with Yellow Card to provide our direct custody wallets-as-a-service (WaaS), allowing them to secure their customers’ digital assets at scale.”

Yellow Card, with a presence in 20 African countries, is at the forefront of assisting organizations in handling foreign exchange (FX) risk through stablecoin transactions. By utilizing USDT, USDC, and PYUSD, the company helps businesses manage their treasury and related transactions within and beyond the continent.

This marks a pivotal moment for both companies as they pave the way for more streamlined and secure financial operations across Africa. With a shared vision of innovation and excellence, Yellow Card and Fireblocks have a common goal of transforming cross-border transactions by introducing new benefits to businesses and the economy through innovation and excellence.

For more information visit: https://YellowCard.io/

Distributed by APO Group on behalf of Yellow Card Financial.

About Yellow Card: 
Yellow Card is the largest and first licensed Stablecoin on/off ramp on the African continent. Operating across 20 countries, we provide individuals and businesses of all sizes across Africa with secure, liquid, and cost-effective access to USDT, USDC, and PYUSD via their local currency directly and through our Payments API.

As the lean season intensifies across Mali, the situation for thousands of people who have fled ongoing violence in Burkina Faso to find refuge in central Mali is becoming untenable, warns the Norwegian Refugee Council (NRC).

Since January 2024, over 20,000 Burkinabè refugees have been registered in the Koro cercle alone, with many more still awaiting registration according to a joint assessment conducted by NRC and other partners.  

The influx of refugees continues unabated, placing immense pressure on the already limited resources of local communities that are already hosting large numbers of internally displaced people.  

“Burkinabè refugees are facing a double burden of displacement and food insecurity during this critical period,” said Maclean Natugasha, NRC’s country director in Mali. 

“The lean season is the most difficult time of the year for families to survive, and the situation is alarming for thousands of refugees in central Mali. The international community must act now to prevent further suffering.” 

In Koro, local leaders have demonstrated remarkable generosity by offering refugees arable land, yet many refugees have been unable to cultivate due to lack of resources. This has left them dependent on humanitarian assistance, which remains insufficient given the scale of the crisis. Many displaced families also remain homeless or are living in overcrowded conditions with host families who themselves are vulnerable. 

Lack of funding, combined with challenges linked to registering and assisting refugees in remote and hard-to-reach locations, continue to hinder the humanitarian response. 

“We fled our homes in Nodin village in northern Burkina Faso with nothing, and now we struggle to find even the most basic necessities here in Mali. We hope that those who can help do not forget us,” Hamidou, a refugee from Burkina Faso living in Koro, told NRC.  

“These refugees have endured unimaginable hardship, and their resilience is inspiring. But resilience alone cannot sustain them through the lean season. The international community must step up its efforts to provide food, shelter, and essential services to both the refugees and the host communities that have shown such generosity,” said Natugasha. 

Facts and figures 

Since the end of October 2023, there has been a large influx of refugees and asylum seekers from Burkina Faso, mainly from the north part of the country. (OCHA)

About 20,000 Burkinabe refugees have been registered in Koro area alone since the beginning of 2024 (NRC) 

As of July 15 2024, more than 180,000 Burkinabe refugees (61,490 registered and 72,450 unregistered) live in Mali. (OCHA) 

Mali was the 4th most neglected displacement crisis in the world in 2023, according to NRC’s neglected displacement crises list (NRC) 

Distributed by APO Group on behalf of Norwegian Refugee Council.

Today, the United States, through USAID, announced up to an additional $35 million in emergency health assistance to bolster response efforts for the clade I mpox outbreak in Central and Eastern Africa, pending Congressional Notification. This new commitment brings the total U.S. government support for the Democratic Republic of the Congo (DRC) and other affected countries in the region to more than $55 million in response to this outbreak. 

The additional assistance announced today will enable USAID to continue working closely with affected countries, as well as regional and global health partners, to expand support and reduce the impact of this outbreak as it continues to evolve. USAID support includes assistance with surveillance, diagnostics, risk communication and community engagement, infection prevention and control, case management, and vaccination planning and coordination. 

Since 2023, the DRC has been experiencing an unprecedented outbreak of clade I mpox. This outbreak has extended beyond the DRC, with several other countries in the region reporting cases in 2024, including countries where mpox has historically not been reported. In response to elevated concerns about further international spread and its potential impact on regional and global health security, the World Health Organization (WHO) recently declared a Public Health Emergency of International Concern (PHEIC), and the Africa Centers for Disease Control and Prevention (Africa CDC) issued its first-ever declaration of a Public Health Emergency of Continental Security.

The support of the United States, through USAID, includes the  donation of 50,000 doses of Jynneos vaccines to the DRC, the country most severely impacted by the outbreak, and resources to support vaccine readiness and delivery. 

The United States remains committed to a comprehensive, whole-of-government response to this growing outbreak, and we call on other donors to join us in these critical efforts.

Distributed by APO Group on behalf of United States Agency for International Development (USAID).