The Islamic Corporation for the Development of the Private Sector has sealed a deal to finance private sector enterprises in Côte d’Ivoire.
ICD, a private sector arm of the Islamic Development Bank Group, disclosed this in a statement on Wednesday.
According to the statement, the Chief Executive Officer of ICD, Mr Ayman Sejiny and Managing Director of Banque de l’Union, Mr Wélé Diallo, signed the €8m Line of Financing agreement under the Commodity Murabaha Financing Structure and Wakala.
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“The Line of Finance facility will be utilized by BDU-Côte d’Ivoire to support economic activities of eligible private sector businesses. This facility intervenes in this difficult time due to the Covid-19 outbreak. We have no doubt that it will provide support to private sector businesses which have been affected by the Pandemic,” Sejiny said.
On his part, Diallo said, “The pro activeness of ICD in responding to their financing request during these challenging times and ensured that the facility will be extended to the eligible end beneficiaries.”
ICD has extended Line of Financing facilities to several financial institutions in sub-Saharan countries for the development of the private sector, the bank added.
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