Islamic Corporation for the Development of Private sector signs financing agreements with SunTrust and Wema Banks
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 $20 million, $10 million and $20 million respectively.
The $50 million 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 channeling the funds to established financial institutions in its member countries".
Previously ICD extended a total of USD 120 million 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.
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