Mr. Ayman Sejiny, the CEO of The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org), the private sector arm of IsDB Group, and Mr. Thierno SY, the CEO of the Banque Nationale pour le Developpement Economique (BNDE)-Senegal, signed a EUR 12 Million Shariah-compliant Line of financing agreement to support the SMEs in Senegal adversely affected by the COVID-19 outbreak.
The facility comes under the allocation of ICD’s USD 200 Mn COVID-19 Line of Financing Support Package to support the private sector affected by the pandemic by leveraging on the expertise of the banking system of its member countries.
ICD’s facility will help with expanding the bank’s product offerings by the provision of Shariah-compliant financing in response to the growing demand for Islamic finance to support COVID-19 affected projects and industries.”
On this occasion Mr. Ayman Sejiny, commented: “Continuous cooperation between ICD and BNDE, pioneer in SME banking, will result in keeping businesses open and preserve jobs, which is in line with ICD’s commitments to help the Senegalese economy to overcome the adverse impact of the COVID-19 pandemic and strengthen the financial inclusion. We have no doubt that the line of finance facility will provide support to private sector businesses which have been affected by the Pandemic”
Mr. Thierno SY stated that:”We are delighted about this partnership with ICD. Through this partnership we are further committed to provide professional provision of wide spectrum of banking services which conform to the business needs of customers while promoting private entrepreneurship in the Republic of Senegal. The line of finance will enable the bank to support several SMEs by financing projects in various vital sectors such as production, agriculture, construction, and transport. Mr. Thierno SY added: “We thank ICD for extending this facility in challenging times caused by the COVID-19 Pandemic, when banks need to support their clients, especially SMEs”.