The Islamic Corporation for the Development of the Private Sector has signed an agreement to provide a EUR 12 Million Shariah-compliant Line of financing agreement to support the SMEs in Senegal adversely affected by the COVID-19 outbreak. The agreement was signed by Mr. Ayman Sejiny, the CEO of The Islamic Corporation for the Development of the Private Sector (ICD) the private sector arm of IsDB Group, and Mr. Thierno SY, the CEO of the Banque Nationale pour le Developpement Economique (BNDE)-Senegal.
The facility comes under the allocation of ICD’s USD 200 Mn COVID-19 Line of Financing Support Package to support the private sector affected by the pandemic by leveraging on the expertise of the banking system of its member countries. The facility will help with expanding the bank’s product offerings by the provision of Shariah-compliant financing in response to the growing demand for Islamic finance to support COVID-19 affected projects and industries.”
On this occasion Mr. Ayman Sejiny, commented: “Continuous cooperation between ICD and BNDE, pioneer in SME banking, will result in keeping businesses open and preserve jobs, which is in line with ICD’s commitments to help the Senegalese economy to overcome the adverse impact of the COVID-19 pandemic and strengthen the financial inclusion. We have no doubt that the line of finance facility will provide support to private sector businesses which have been affected by the Pandemic”
Mr. Thierno SY stated that:” We are delighted about this partnership with ICD. Through this partnership we are further committed to provide professional provision of wide spectrum of banking services which conform to the business needs of customers while promoting private entrepreneurship in the Republic of Senegal. The line of finance will enable the bank to support several SMEs by financing projects in various vital sectors such as production, agriculture, construction, and transport. Mr. Thierno SY added: “We thank ICD for extending this facility in challenging times caused by the COVID-19 Pandemic, when banks need to support their clients, especially SMEs”.
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is a member of the Islamic Development Bank (IsDB) Group. It was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies, and encouraging cross border investments. The 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. It is Rated A2’ by Moody’s, ‘A-’ by S&P and, A+ by Fitch.
BNDE is a National Development Finance Institution and a pioneer of SME Banking in Senegal. It commenced operations in 2014 and is majority owned by investment grade public shareholders. It is playing a leading role in helping the Senegalese economy –to combat the adverse impact of the COVID 19 outbreak, and –to return to a strong and inclusive private sector-led growth. BNDE is a thriving and creditworthy bank catering to -individuals, -SME’s and -large enterprises through its branch network and digital platform. The bank provides Shariah-compliant financing thanks to its partnership with ICD.
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