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Signing of the Line of Financing agreement between the Islamic Corporation for the Development of the Private Sector (ICD) and Sub Saharan African Banks
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
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
The Islamic Corporation for the Development of the Private sector (ICD) (www.ICD-PS.org) and Afriland First Group, Banque Islamique du Senegal, EBID, BSIC Mali and Coris Bank Mali signed a Line of financing agreements for a Euro 45 million, Euro 50 Million, Euro 25 Million, Euro 9 Million and Euro 6 Million respectively.
The Euro 135 Million Line of financing facility will be extended by the above Banks to the SMEs covering various sectors such as industrial, communication, technology, health, manufacturing, agricultural sectors, etc. in Cameroon, Cote d’Ivoire, Guinea, Senegal and other ICD member countries in Africa.
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 several Line of Financing facility for the development of Small and Medium Enterprises in Africa which demonstrates ICD’s firm commitment to develop the private sector in its member countries.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
Note to Editors
ICD (www.ICD-PS.org) is a multilateral organization and a member of the Islamic Development Bank (IDB) Group (www.IsDB-pilot.org). The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information visit www.ICD-PS.org
About Afriland First Group
Created in Switzerland on 19 March 2008, Afriland First Group (www.AfrilandFirstGroup.com) pools the investments of a group of Africans in Afriland First Bank units across the world since 1987, when the first unit opened. The holding company meets the need of an identical general policy in all the banking units of its network and creates the framework for a more proactive development policy. Since 2008, other acquisitions have been achieved in Liberia, Zambia, Guinea, South Sudan and Ivory Coast. This drive is sustained by a team of Africans, motivated by the quest for outstanding economic results that are consistent with corporate social and environmental responsibilities through which it satisfies the countries and communities where it is located. AFG equally relies on the support of development partners in the implementation of its expansion strategy.
AFG is aiming at establishing an Islamic window in every subsidiary, replicating the Cameroon experience, with the ultimate objective to convert into full fledge Islamic banks in the future.
Afriland Cameroon and Afriland Equatorial Guinea are systemic leading banks in their respective countries with largest assets and deposit base. For more information, visit www.AfrilandFirstGroup.com
About Banque Islamique du Senegal
Banque Islamique du Senegal (BIS) (www.TA-Holding.com/fr/intl/senegal) was established in 1982 in Dakar, Senegal by Dar Al Maal Group (DMI) under the name of Massraf Faisal Al Islami Senegal. Following a restructuring intervened in February 1996, it became the Islamic Bank of Senegal (BIS) and in same year it was recapitalized with the entry into the capital of the IDB (33%), the State of Senegal (22%) alongside DMI (43%) and some small private investors. In 2009 there was a redemption of DMI’s shares in BIS by ICD followed by Tamweel Africa Holding's entry into the shareholding of the BIS and acquisition of 68% stake in 2010.
BIS began to expand its network in 2006 with the opening of 3 new branches among which 2 in the city of Dakar and one in Touba. As of December 31, 2017, BIS had a total Total Assets of BIS was EUR 435.5 million, Total deposits was EUR 371.7 million and Net Financing Portfolio stood at EUR 265.8 million. For more information, visit www.TA-Holding.com/fr/intl/senegal
The ECOWAS Bank for Investment and Development (EBID) (www.BIDC-EBID.org), is the financial institution established by the 15 Member States of the Economic Community of West African States (ECOWAS) comprising Benin, Burkina Faso, Capo Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. The Bank’s headquarters is in Lome, Togolese Republic.
The Bank has two funding windows namely, the promotion of the private sector and development of the public sector.
Overall, EBID aims at contributing to the economic development of West Africa through the financing of projects and programmes in particular, those related to transport, energy, telecommunications, industry, poverty alleviation, the environment and natural resources. The vision of EBID is to become the leading regional investment and development Bank in West Africa, an effective tool for poverty alleviation, wealth creation and job promotion for the well-being of people in the region. For more information, visit www.BIDC-EBID.org
About BSIC Mali
BSIC Mali is an affiliate of BSIC Group (Banque Sahélo - Saharienne pour l’Investissement et le Commerce) (www.BSICBank.com/mali), a regional financial institution in the Community of Sahel-Saharan States with a share capital of 750 million euros. The group is present in 14 African countries (Benin, Burkina Faso, Central African Republic, Ivory Coast, Gambia, Ghana, Guinea, Libya, Mali, Niger, Senegal, Sudan, Chad and Togo). BSIC MALI was established in January 2004. It is owned by BSIC Group (99.9%). The capital of the Group is shared between its member countries. The Group is headquartered in Tripoli, Libya. The Bank finances all vital sectors in the country ranging from commerce (52%), industrial activities (15%), agriculture (2%) and others. For more information, visit www.BSICBank.com/mali
About Coris Bank Mali
Coris Bank International Mali (www.CorisBank.ml) was established on August 2014 with currently 7 branches with the core Coris shareholding among the following affiliates (Coris Holding, Coris Bank International Burkina Faso, Coris Bank International Ivory Coast, Coris Assurances and Coris Bourse) at 90%. The Group holding is headquartered in Ouagadougou, Burkina Faso where its affiliates Coris Bank Burkina Faso is a leading bank in the country.
During the 2017 Annual Meeting of IsDB Group, Coris Bank International Group received an award as Best Client of ICD. The Banking group has built a good partnership with ICD. Indeed, aside from the line of financing extended in 2016 to CBI Burkina, ICD has provided advisory services to establish an Islamic window in the all banking affiliates of the Group. For more information, visit www.CorisBank.ml.