Signing of Line of Financing Agreement between the Islamic Corporation for the Development of the Private Sector (ICD) and Banque de l’Union - Côte d’Ivoire (BDU-CI)
ICD has extended Line of Financing facilities to several financial institutions in Sub Saharan countries for the development of the private sector
The Line of Finance facility will be utilized by BDU-Côte d’Ivoire to support economic activities of eligible private sector businesses
The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-idb.org), the private sector arm of the Islamic Development Bank (IsDB) Group, and Banque de l’Union - Côte d’Ivoire (the Bank or BDU-CI), a member of the BDM Group, signed an agreement to finance private sector enterprises in Côte d’Ivoire.
Mr. Ayman Amin Sejiny, CEO of ICD and Mr. Wélé Diallo, Managing Director of BDU-CI, signed the Euro 8 million Line of Financing agreement under the Commodity Murabaha Financing Structure & Wakala. On this occasion, Mr. Sejiny commented: “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.”
In his speech, Mr. Diallo Wélé praised “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. This LOF facility is among the first ones deployed by ICD in Côte d’Ivoire.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-idb.org) is a multilateral financial institution established by the Board of Governors of the Islamic Development Bank (IsDB) during its twenty-fourth (24) annual meeting held in Rajab 1420H (November 1999) in Jeddah, Kingdom of Saudi Arabia. ICD was established to be the IDBG private sector window. The authorized capital of the Corporation is USD 4 billion. The shareholders consist of the IsDB (rated Triple A), 55-member countries and 5 financial institutions from the member countries. ICD is rated ‘A2’ by Moody’s, ‘A-’ by S&P and ‘A+’ by Fitch.
The ICD aims to play a complementary role to the activities of IsDB and the national financing institutions in the member countries by focusing on private sector institutions in their various activities and operations in full compliance with the principles of Islamic Shari’ah. In addition to extending financing and financial services, ICD provides advisory and consultancy services to governments and private sector institutions in order to adopt policies for establishing, expanding and modernizing private sector companies, developing equity capital markets (ECM), debt capital markets (DCM) in the form of Sukuk, adopting better management practices and strengthening the role of the market economy. ICD focuses its financing on development projects (such as infrastructure and private equity funds) that aim to create job opportunities and to encourage exports.
In order to achieve all these goals, ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive. Financial services institutions within ICD’s member countries are benefiting from fintech innovations by using artificial intelligence, robotics, blockchain, data analytics, and cloud computing services. ICD created a platform based on its relationships with 119 financial institutions, through which, the Islamic Development Bank Group (IsDBG) in general and the institution, in particular, can have access to a concerned country and identify available financing opportunities. The platform allows financial entities to collaborate in identifying investment opportunities, sharing market information and laying the groundwork for actual financial transactions within the OIC member countries and across borders. For More Information, please visit: www.ICD-idb.org.
About Banque de l’Union Côte d’Ivoire (BDU-CI) :
BDU-CI (www.BDUCI.com) is a limited company established on December 2013 on the initiative on the “Banque de Développement” du Mali (BDM), its parent company. The bank’s operational activities were officially launched on January 15th, 2015. BDU-CI is registered on the list of financial institutions under the number A0180Q. It is headquartered in Abidjan Plateau. The major shareholders of BDU-CI are BDM SA (80,71%), and BOAD (9,6%).
The establishment of the BDU-CI is part of the BDM Group’s external growth strategy, which aims to establish itself in the eight (8) countries of the Western Economic and Monetary Union African (WAEMU). To date, Burkina-Faso, Côte d'Ivoire, Guinea-Bissau, Senegal and Togo are covered by the network of subsidiaries of the BDM group. BDM started its expansion in West African Region since 2006.
BDM (the parent company of BDU-CI) was established on 3rd of July 1989. It is among the Bank leaders of the West African Economic and Monetary Union (WAEMU) in term of total asset, resources and net income. BDM is the first bank in Mali in term of market share which stood at 17.7% at end 2017. The BDM major shareholders include BMCE (32.38%), Chamber of Commerce and Industry of Mali (CCIM) (21, 33%), State of Mali (19.58%) and BOAD (15.96%). BDM was elected Best Bank of West Africa of the Year 2018 on the occasion of the AFRICAN BANKER Awards Ceremonies. The trophy was awarded on 22 Tuesday 2018 on the margins of the African Development Bank’s Annual Meetings, in Busan, South Korea. This trophy follows due diligence by the experts of AFRICAN BANKER. This consecration of the BDM-SA as the best bank in West Africa of the year 2018 recognizes the efforts of the establishment’s teams and the excellent quality of the management.
For more information please visit: Our different digital platforms: www.BDUCI.com, Facebook, Twitter, LinkedIn.