The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), a member of the Islamic Development Bank (IsDB) group, signed a letter of intent with Banque Misr to provide a $30 million financing line dedicated to finance private sector projects in Egypt and to support small and medium enterprises (SMEs) in Egypt. The letter of intent was inked in the presence of high-ranking Egyptian officials, including the Ministers of Planning and Economic Development, Supply and Internal Trade, Petroleum and Mineral Resources.
The ICD's Acting CEO, Engineer Hani Salem Sonbol, and Banque Misr’s Chairman Mr. Mohamed EL-Etreby, signed the letter of intent.
Commenting on the signing, Engineer Sonbol Acting CEO of ICD said, "Banque Misr is a valuable customer for ICD. This new financing line builds upon our successful 2017 partnership with Banque Misr, where we provided line of finance of $25 million for a period of 5 years, the current agreement aligns with our goals in Egypt by increasing access to finance for SMEs, fostering job creation, and empowering youth and women entrepreneurs in Egypt.”
Since its inception, ICD has provided $315 million in financing to Egypt, supporting private sector companies, financing lines to banks, and direct investments. These funds have demonstrably contributed to economic growth, job creation, and development across various sectors, including energy, food, and industry.
For his part, Mr. Mohamed EL-Etreby, Chairman of Banque Misr, confirmed that this signing is a continuation of the ongoing cooperation with the ICD in financing the private sector companies, small and medium enterprises, explaining that this cooperation is a step within the framework of Banque Misr's strategy to support and assist projects of all categories, to which the bank attaches importance by providing all financial and non-financial services to meet the needs of customers in this sector to advance it in a way that reflects positively on the national economy by improving economic indicators, increasing rates of economic development, encouraging the local product, and reducing the import bill.
Banque Misr is always keen to enter into many initiatives and protocols to expand financing for the project sector out of its belief that these projects are the engine and pillar of economic growth.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
For further information please contact:
Mr. Ulan Abylgaziev / Mr. Nabil Al-Alami
Head, Line of Finance / Head, Marketing
E-mail: uabylgaziev@isdb.org / nalami@isdb.org
Website: www.ICD-ps.org
About the Islamic Corporation for the Development of the Private Sector (ICD):
ICD is a multilateral organization and a member of the Islamic Development Bank (IsDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shariah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion, and modernization of private enterprises. ICD is rated ‘A2’ by Moody’s, ‘A+’ by Fitch, and ‘A-’ by S&P. For more information, visit www.ICD-ps.org
Latest Stories
-
Center for Learning and Childhood Development Director Dr Kwame Sakyi honoured at Ghana Philanthropy Awards
1 hour -
Asantehene receives 28 looted artefacts
2 hours -
CAF WCL 2024: Ghana’s Thelma Baffour wins title with TP Mazembe
3 hours -
Benjamin Boakye slams politicisation of energy sector issues and ECG’s inefficiencies
3 hours -
Erastus Asare Donkor and Dr Neta Parsram win big at 10th Mining Industry Awards
3 hours -
Government is “suppressing information” about power sector challenges – IES Director
4 hours -
Majority of our debts caused by forex shortfall – ECG Boss
4 hours -
Pan-African Savings and Loans supports Ghana Blind Union with boreholes
4 hours -
Bole-Bamboi MP Yussif Sulemana donates to artisans and Bole SHS
5 hours -
Top up your credit to avoid potential disruption – ECG to Nuri meter customers
5 hours -
Dutch & Co wins 2024 Entrepreneur of the Year Award
5 hours -
We’ll cut down imports and boost consumption of local rice and other products – Mahama
7 hours -
Prof Opoku-Agyemang donates to Tamale orphanage to mark her birthday
8 hours -
Don’t call re-painted old schools brand new infrastructure – Prof Opoku-Agyemang tells gov’t
9 hours -
Sunon Asogli plant will be back on stream in a few weeks – ECG
9 hours