JEDDAH, Kingdom of Saudi Arabia, March 17, 2021/ -- The Islamic Corporation for the
Development of the Private Sector (ICD) (
www.ICD-idb.org),
the private sector arm of the Islamic Development Bank (IsDB) Group,
and Banque de l’Union - Côte d’Ivoire (the Bank or BDU-CI), a member of
the BDM Group, signed an agreement to finance private sector enterprises
in Côte d’Ivoire.
Mr. Ayman Amin Sejiny, CEO of ICD and
Mr. Wélé Diallo, Managing Director of BDU-CI, signed the Euro 8 million
Line of Financing agreement under the Commodity Murabaha Financing
Structure & Wakala. On this occasion, Mr. Sejiny commented: “The
Line of Finance facility will be utilized by BDU-Côte d’Ivoire to
support economic activities of eligible private sector businesses. This
facility intervenes in this difficult time due to the Covid-19 outbreak.
We have no doubt that it will provide support to private sector
businesses which have been affected by the Pandemic.”In his speech, Mr. Diallo Wélé
praised
“the pro activeness of ICD in responding to their financing request
during these challenging times and ensured that the facility will be
extended to the eligible end beneficiaries.”
ICD has
extended Line of Financing facilities to several financial institutions
in Sub Saharan countries for the development of the private sector. This
LOF facility is among the first ones deployed by ICD in Côte d’Ivoire.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
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About ICD:
The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-idb.org)
is a multilateral financial institution established by the Board of
Governors of the Islamic Development Bank (IsDB) during its
twenty-fourth (24) annual meeting held in Rajab 1420H (November 1999) in
Jeddah, Kingdom of Saudi Arabia. ICD was established to be the IDBG
private sector window. The authorized capital of the Corporation is USD 4
billion. The shareholders consist of the IsDB (rated Triple A),
55-member countries and 5 financial institutions from the member
countries. ICD is rated ‘A2’ by Moody’s, ‘A-’ by S&P and ‘A+’ by
Fitch.
The ICD aims to play a complementary role to the
activities of IsDB and the national financing institutions in the member
countries by focusing on private sector institutions in their various
activities and operations in full compliance with the principles of
Islamic Shari’ah. In addition to extending financing and financial
services, ICD provides advisory and consultancy services to governments
and private sector institutions in order to adopt policies for
establishing, expanding and modernizing private sector companies,
developing equity capital markets (ECM), debt capital markets (DCM) in
the form of Sukuk, adopting better management practices and
strengthening the role of the market economy. ICD focuses its financing
on development projects (such as infrastructure and private equity
funds) that aim to create job opportunities and to encourage exports.
In
order to achieve all these goals, ICD establishes and strengthens
cooperation and partnership relationships with an aim to establish joint
or collective financing. ICD also applies financial technology
(Fintech) to make financing more efficient and comprehensive. Financial
services institutions within ICD’s member countries are benefiting from
fintech innovations by using artificial intelligence, robotics,
blockchain, data analytics, and cloud computing services. ICD created a
platform based on its relationships with 119 financial institutions,
through which, the Islamic Development Bank Group (IsDBG) in general and
the institution, in particular, can have access to a concerned country
and identify available financing opportunities. The platform allows
financial entities to collaborate in identifying investment
opportunities, sharing market information and laying the groundwork for
actual financial transactions within the OIC member countries and across
borders. For More Information, please visit: www.ICD-idb.org.
About Banque de l’Union Côte d’Ivoire (BDU-CI) :
BDU-CI (www.BDUCI.com)
is a limited company established on December 2013 on the initiative on
the “Banque de Développement” du Mali (BDM), its parent company. The
bank’s operational activities were officially launched on January 15th,
2015. BDU-CI is registered on the list of financial institutions under
the number A0180Q. It is headquartered in Abidjan Plateau. The major
shareholders of BDU-CI are BDM SA (80,71%), and BOAD (9,6%).
The
establishment of the BDU-CI is part of the BDM Group’s external growth
strategy, which aims to establish itself in the eight (8) countries of
the Western Economic and Monetary Union African (WAEMU). To date,
Burkina-Faso, Côte d'Ivoire, Guinea-Bissau, Senegal and Togo are covered
by the network of subsidiaries of the BDM group. BDM started its
expansion in West African Region since 2006.
BDM (the parent company of BDU-CI) was established on 3rd
of July 1989. It is among the Bank leaders of the West African Economic
and Monetary Union (WAEMU) in term of total asset, resources and net
income. BDM is the first bank in Mali in term of market share which
stood at 17.7% at end 2017. The BDM major shareholders include BMCE
(32.38%), Chamber of Commerce and Industry of Mali (CCIM) (21, 33%),
State of Mali (19.58%) and BOAD (15.96%). BDM was elected Best Bank of
West Africa of the Year 2018 on the occasion of the AFRICAN BANKER
Awards Ceremonies. The trophy was awarded on 22 Tuesday 2018 on the
margins of the African Development Bank’s Annual Meetings, in Busan,
South Korea. This trophy follows due diligence by the experts of AFRICAN
BANKER. This consecration of the BDM-SA as the best bank in West Africa
of the year 2018 recognizes the efforts of the establishment’s teams
and the excellent quality of the management.
For more information please visit: Our different digital platforms: www.BDUCI.com, Facebook, Twitter, LinkedIn.
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