Islamic Corporation for the Development of the Private Sector (ICD) Signs Letters of Intent for Line of Finance Facilities with Uganda Development Bank Limited and Afreximbank
The line of finance facilities aim at fostering economic growth and development in Uganda and across the common member countries of ICD and Afreximbank
Riyadh, Saudi Arabia, May 8, 2024/ — The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org) signed two significant Letters of Intent for a total of USD 150 Million Line of Finance facilities with Uganda Development Bank Limited (“UDBL”) and the African Export–Import Bank (“Afreximbank”). The line of finance facilities aim at fostering economic growth and development in Uganda and across the common member countries of ICD and Afreximbank.
In the first Letter of Intent signed with UDBL, ICD is seeking to provide a Shariah compliant Line of Finance facility worth USD 40 million to UDBL for the purpose of onward financing and support to private sector enterprises, including Small and Medium Enterprises (SMEs), in the Republic of Uganda.
In the second Letter of Intent signed between ICD and Afreximbank, the parties agreed to explore the possibility of a proposed Sharia Compliant Syndicated Line of Financing facility of up to USD 100 Million to be arranged by ICD for Afreximbank on strictly best effort basis. The facility will be used by Afreximbank, under its second strategic pillar, (facilitation of Industrialization and Export Development), for onward financing of eligible private sector projects in the common member countries of ICD and Afreximbank.
These agreements signify ICD’s commitment to supporting economic development and fostering entrepreneurship in Uganda and across Africa by providing much needed financing to eligible private sector enterprises and deepening partnerships with key financial institutions in Africa like UDBL and Afreximbank.
The 2024 Annual Meetings of the Islamic Development Bank (IsDB) Group stand as a pivotal moment in the organization’s history, marked by a theme encapsulating its five-decade journey of fostering socio-economic development: “Cherishing our Past, Charting our Future: Originality, Solidarity, and Prosperity.”
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
About the Islamic Corporation for the Development of the Private Sector (ICD):
The Islamic Corporation for the Development of the Private Sector is a multilateral development financial institution and a member of the Islamic Development Bank Group. It was established in November 1999 to support economic development in member countries by providing financing for private sector projects, promoting competition and the spirit of entrepreneurship, and encouraging cross-border investments. The Corporation is currently rated A+ by Fitch, A2 by Moody’s, and A- by S&P.
For more information, visit www.ICD-ps.org
SOURCE
Islamic Corporation for the Development of the Private Sector (ICD)