"Islamic private sector development" 11 agreements were signed during the annual meetings of the Islamic Development Bank
The Islamic Corporation for the Development of the Private Sector signed 11 agreements during the annual meetings of the Islamic Development Bank Group with the aim of promoting economic development and private sector growth in many member countries, confirming the Corporation’s commitment to advancing sustainable growth and prosperity through strategic partnerships and financial support.
The Foundation signed an agreement worth 15 million euros with the Union Bank of Ivory Coast, which will provide the necessary resources to finance a group of private sector projects in Ivory Coast. Which contributes to economic growth and job creation.
In line with the objectives of the "Islamic Foundation" In empowering SMEs in its member countries, the Corporation signed a letter of intent with CCA Bank of Cameroon, worth €10 million, to provide further support to SMEs in Cameroon, which strengthens cooperation and partnership between the Islamic Corporation for the Development of the Private Sector and the Cameroonian banking sector and confirms the Corporation’s commitment to developing Small and medium enterprises in general. The Corporation also signed a series of agreements with several banks in Uzbekistan, which include a memorandum of understanding with “Trust Bin:” In the amount of $10 million to support the bank’s efforts in financing eligible SMEs in Uzbekistan, and a memorandum of understanding with Orient Finans Bank (OFB) to explore providing an additional loan facility to it based on the success of implementing previous similar facilities provided by the institution. Also in this context, the Islamic Corporation for the Development of the Private Sector also signed two other agreements with Asia Alliance Bank and Uzbek Leasing International; Which confirms the Foundation’s continued commitment to promoting economic growth in Uzbekistan and providing the necessary financing and support to Uzbek banks to expand and enhance their operations and support for private institutions in Uzbekistan.
As part of the Foundation’s efforts towards enhancing access to finance and financial inclusion, it signed a memorandum of understanding with Amir Bank. In Uzbekistan with the aim of exploring the possibility of converting “Taipa Finance” company To the first Islamic bank in Uzbekistan, this cooperation represents an important step towards enhancing financial inclusion in Uzbekistan.
The institution signed a memorandum of understanding with the Azerbaijan Investment Company, and this cooperation confirms the institution’s commitment to deepening its participation and support for private sector initiatives, thus enhancing Sustainable economic growth and prosperity in Azerbaijan. In addition, the Foundation signed a $15 million agreement with Rabeta Bank in Azerbaijan, through which the bank provides a financing facility worth $15 million to finance and support small and medium enterprises in Azerbaijan.
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