JEDDAH,
Kingdom of Saudi Arabia, April 13, 2021/ -- The Islamic Development
Bank (IsDB) Group and its private sector development arm, the Islamic
Corporation for the Development of the Private Sector (ICD) (www.ICD-idb.org),
have joined hands with the government of Burkina Faso through “Maison
de l’Entreprise du Burkina Faso (MEBF)”, to implement the “Business
Resilience Assistance for Value-adding Enterprises” (BRAVE Women)
Project in the country.
Implemented by the IsDB/ICD, the “ BRAVE
Programme was initially launched in Yemen in 2016 with the aim of
combining capacity building and a grant-matching scheme concept for
Small and Medium Enterprises (SMEs) in addition to Value Chain support,
all within an integrated framework that responds to the in-conflict
challenges of the private sector. The MENA Transition Fund (Deauville
Partnership) provided the sponsorship of this project which was
successfully completed in 2020.
The IsDB’s President, Dr. Bandar Hajjar,
has expressed his commitment to supporting strategies that promote
women’s economic empowerment which is considered critical to building a
more inclusive, resilient, and sustainable world.
This BRAVE
Women Burkina Faso project falls under the sponsorship of the Women
Entrepreneurs Finance Initiative (We-Fi), a collaborative partnership
among fourteen donor governments (including Saudi Arabia), eight
multilateral development banks (including the IsDB), and other public
and private stakeholders, which seeks to address the financial and
non-financial barriers faced by women entrepreneurs while attempting to
create a better ecosystem for them. This new project is expected to not
only enhance the resilience of SMEs owned/managed by women but to also
support the National Economic and Social Development Plan (PNDES) of
Burkina Faso.
According to ICD CEO, Mr. Ayman Amin Sejiny, the
roll out of BRAVE Programme in Burkina Faso follows successful
implementations of the similar ongoing projects in Yemen and Nigeria
where it has managed to support 916 Women owned/led SMEs to date with
business resilience trainings and disbursed $6.4 million of financial
support out of which $3.2 million of funds were provided in the form of
matching grants.
“ICD is pleased to play a significant role in
the collective efforts aimed at overcoming the challenges faced by women
entrepreneurs in fragile environments. We aim to enhance the private
sector, as the engine of sustainable growth in fragile settings. This
cooperation seeks to enhance the resilience of Women owned SMEs that
have struggled during the current crisis. And we pray to Almighty Allah
for the success of the Burkina Faso project, as well,” he has stated.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
About la Maison de l’Entreprise du Burkina Faso (MEBF):
The Maison de l’Entreprise du Burkina Faso “MEBF” (or
Burkina Faso Business Association) is an organization which support the
private sector in Burkina Faso (recognized as Association of Public
utility since 2010) established with the help of the World Bank in 2002
in order to support and develop the Private Sector actors in the country
mainly through an integrated platform of value-added services for the
benefit of private companies and professional associations. The
institution is attached to the Ministry in charge of trade which falls
under the Government authority.
About the Islamic Development Bank (IsDB):
The
Islamic Development Bank is a multilateral development bank (MDB),
working to improve people’s lives by promoting social and economic
development in Member countries and Muslim communities worldwide,
delivering impact at scale.
Through collaborative partnerships
between communities among our 57 member countries (MCs), we seek to
equip people and communities to drive their own economic and social
progress at scale, putting the infrastructure in place to enable them to
fulfil their potential.
The Bank’s New Business Model of “Making
Markets Work for Development” contributes to strengthening the
competitiveness of our MCs in strategic industries for better
participation and upgrading within the Global Value Chains. These are
the food and agribusiness industry, the textiles, clothing, leather, and
footwear industry, the petrochemicals and petroleum industry, the
construction industry, and Islamic finance.
We also foster
innovative and sustainable solutions to the world’s greatest development
challenges, leveraging the potential of Science, technology and
innovation as strategic drivers of economic growth, as we work towards
the UN Sustainable Development Goals.
About the Islamic Corporation for the Development of the Private Sector (ICD):
The
Islamic Corporation for the Development of the Private Sector (ICD) is a
multilateral development financial institution and is 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, promoting
competition and entrepreneurship, providing advisory services to the
governments and private companies, and encouraging cross border
investments.
ICD is Rated A2’ by Moody’s, ‘A-’ by S&P and, A+
by Fitch. 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.
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