The Islamic Corporation for the Development of the Private Sector (ICD), 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, have signed an agreement to finance private sector enterprises in Côte d’Ivoire.
The CEO of ICD, Mr. Ayman Amin Sejiny and Managing Director of BDU-CI, Mr. Wélé Diallo, signed the €8 million Line of Financing agreement under the Commodity Murabaha Financing Structure & Wakala.
A statement quoted Sejiny to have said: “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, 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.