The Islamic Corporation for the Development of the Private Sector (ICD) has signed two significant Letters of Intent for a total of $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 LoI signed with UDBL, ICD is seeking to provide a Shariah compliant Line of Finance facility worth $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 LoI 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 $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.”
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