APO

Signing of Line of Financing Agreement (under the Covid-19 Line of Financing (LOF) Support Facility) between the Islamic Corporation for the Development of the Private Sector (ICD) and Coris Bank International – Burkina Faso (CBI – Burkina Faso)

Published

on

The Islamic Corporation for the Development of the Private sector (ICD) (www.ICD-PS.org), the private sector arm of the Islamic Development Bank (IsDBG)and Coris Bank International – Burkina Faso (the Bank or CBI – Burkina Faso) (https://Burkina.Coris.bank), a member of the Coris Bank Group, have entered into an agreement to finance private sector enterprises in Burkina Faso, affected by the Covid-19 pandemic.

Mr. Ayman Amin Sejiny, CEO of ICD and Mr. Diakarya Ouattara, Managing Director of CBI – Burkina Faso, signed the Line of Financing agreement for EUR 15 million under the Commodity Murabaha Financing Structure dedicated to the Islamic Window of the Bank.

On this occasion, the CEO of ICD, commented that: “The Line of Financing facility will be utilized by CBI – Burkina Faso to support economic activities of eligible private sector businesses that have been affected by the Covid-19 outbreak. This facility is part of ICD’s USD 250 Million Support Package to assist Member Countries recovering from Covid-19 Pandemic”.

In his speech, Mr. Diakarya Ouattara, the CEO of Coris International Bank has “praised the quality of the partnership between the two institutions and recalled that in 2016 the Bank benefited from the first line for an amount of 17 million Euros over a 4-year maturity. This has enabled them to support several SMEs / SMIs through the financing of projects in various vital sectors such as health, education, agriculture, agro-food industry and transport. He also thanked ICD for extending this facility in these difficult times where banks need liquidity to support their affected clients, especially SMEs”.

Coris Bank Group is an existing client of ICD and this LOF facility is the third one provided by ICD to the Group; including LOF facilities extended to CBI Burkina Faso and CBI Mali for EUR 17 Mn in 2016 and EUR 6 Mn in 2018, respectively.

Since its inception and as a testament to ICD’s firm commitment to develop the private sector within its member countries, ICD has extended Line of Financing facilities to several financial institutions present in Sub Saharan Africa for the development of the private sector, including SMEs.

NNN

NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

Coronavirus: African Union Member States reporting COVID-19 cases as of 16 January 2021, 9 am EAT Coronavirus – Namibia: COVID-19 Update 15 January 2021 Coronavirus – Malawi: COVID-19 update (15 January 2021) Coronavirus – Rwanda: COVID-19 update (15 January 2021) Coronavirus – Zambia: COVID-19 update (15 January 2021) Coronavirus: African Union Member States reporting COVID-19 cases as of 15 January 2021, 6 pm EAT Coronavirus – Sierra Leone: COVID-19 update (15 January 2021) Coronavirus – Zimbabwe: COVID-19 Update (15th January 2021) Coronavirus – Gambia: COVID-19 update (15 January 2021) Coronavirus – Ethiopia: COVID-19 update (15 January 2021) Coronavirus – Nigeria: COVID-19 update (15 January 2021) Coronavirus – Kenya: COVID-19 update (15 January 2021) Heirs Holdings Significantly Expands Oil and Gas Portfolio Emergency Committee on COVID-19 advises on variants, vaccines Coronavirus – Eswatini: COVID-19 update (14 January 2021) IOM Somalia supports new ‘telemedicine’ enhancement for migrants and host communities Coronavirus: African Union Member States reporting COVID-19 cases as of 14 January 2021, 6 pm EAT Ogun Govt begins registration and payments for 2021 Hajj Coronavirus – Ethiopia: COVID-19 update (14 January 2021) Coronavirus – Malawi: COVID-19 update (14 January 2021) END SARS: Winners Emerged at the National Poetry Competition Coronavirus – Kenya: COVID-19 update (14 January 2021) Coronavirus – South Africa: COVID-19 update (14 January 2021) Coronavirus – Zambia: COVID-19 update (14 January 2021) Coronavirus – Zimbabwe: COVID-19 Update (14th January 2021) Coronavirus – Eritrea: Announcement from the Ministry of Health (14 January 2021) Coronavirus – Rwanda: COVID-19 update (14 January 2021) Coronavirus – Nigeria: COVID-19 update (14 January 2021) Number of Central African refugees soars as violence intensifies Mounting hostilities disrupt aid delivery in the Central African Republic UN Delegation visits South West State to discuss support and collaboration in 2021 Statement attributable to the UN High Commissioner for Refugees Filippo Grandi on the situation of Eritrean refugees in Ethiopia’s Tigray region Coronavirus – Gambia: COVID-19 update (14 January 2021) South Africa‘s Workshop17 starts new year as a global awards finalist & announces plans for a new workspace concept in Joburg Senegal already produces Gas: Investors should look Onshore Ogun Govt plans to upgrade Staff Development Centre to Public Service College Concerned about reports of violence ahead of Uganda elections, Secretary-General calls on all national stakeholders to ensure polls are inclusive, peaceful Coronavirus – Rwanda: COVID-19 update (13 January 2021) Coronavirus – Nigeria: COVID-19 update (13 January 2021) OUT NOW! 2nd Edition of “Billions At Play” charts recovery path for African Oil & Gas Sector Coronavirus – Kenya: COVID-19 update (13 January 2021) WHO Eritrea supports the Ministry of Health maternity waiting homes in remote areas with essential supplies atingi eLearning platform reaches nearly 1 Million African youth in 1st year Africa COVID-19 cases top 3 million, first wave peak surpassed WHO Africa Online Press Briefing on COVID-19 in Africa The spectacular rise of Dubai Multi Commodities Centre (DMCC) under Ahmed Sultan Bin Sulayem Safeguard yourself from falling victim to online trading scams Coronavirus – Gambia: COVID-19 update (13 January 2021) WHO Africa Online Press Briefing on COVID-19 in Africa Please Help Bobi Wine and the People of Uganda Urge the International Community to Play an Active Role Calling on The Uganda Government to Hold Free and Fair Elections Without Intimidation and Violence