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Friday, March 24, 2023

Jaiz Bank Secures $25mn Financing from ICD

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Jaiz Bank has secured $25 million Line of Finance (LOF) from the Islamic Corporation for the Development of the Private Sector (ICD) for onward disbursement to eligible Small and Medium enterprises (SMEs) in Nigeria.

The formal agreement for the LOF was signed on September 2, 2021 during the just concluded Islamic Development Bank (IsDB) annual meeting (in Tashkent Uzbekistan) in which the Chief Executives of both organisations were in attendance, and they took the opportunity to formalize the agreement.

The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and a member of the Islamic Development Bank (IsDB) Group.

ICD was established in November 1999 to support the economic development of its Member Countries through the provision of finance for private sector projects, and promotion of competitive/entrepreneurship, while encouraging cross border investments.

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