The Islamic Corporation for the Development of the Private sector (ICD) and Afriland First Group - a SME Finance Forum member - 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.

“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,” ICD management said.