News Ghana

IDP and JCSB partner to grow #SME businesses

The Islamic Corporation for the Development of the Private Sector (ICD) and JSCB Microkreditbank Uzbekistan have entered into a Joint Strategic Collaboration to finance SMEs in Uzbekistan. The Line of Financing facility agreement for the amount of USD 12 million was signed by the CEO of ICD, Khaled Al-Aboodi and the Acting Chairman of JSCB Microkreditbank, Shukhrat Rasulov. The collaboration will focus on developing the private sector especially SMEs, improving the living standard, generating tax revenues for the government and promoting Islamic Banking in the country. Khalid Al-Aboodi stated that ICD was pleased to extend a line of financing facility to Microkreditbank which will enhance the impact of socio-economic development. Shukhrat Rasulov welcomed the partnership with ICD and ensured that JSCB was committed to providing professional banking services while promoting private entrepreneurship in the Republic of Uzbekistan.

Islamic Development Bank to fund education sector projects in Benin

The Islamic Development Bank (BID) has given Benin 216.4 million U.S. dollars to support development projects in the higher education sector and an integrated micro-finance program. The first part of the BID aid of about 166.4 million dollars will be spent on funding development projects in the higher education sector. The other 50 million dollars will support the integrated micro-finance program. The program aims to contribute to the improvement of living conditions for rural communities in Benin. It will help to increase access to funding for small scale traders and reinforce capacities of micro-finance institutions, among others. The latest aid brings BID’s total funding to Benin to around 824 million dollars.

Togo signs agreement with Islamic Development Bank

Togo has reportedly signed three funding agreements worth 194 million U.S. dollars with the Islamic Development Bank (IDB). The agreements were signed Wednesday in Jeddah during the visit to Saudi Arabia by Togolese President Faure Gnassingbe. The first agreement worth around 131 million U.S. dollars concerns the construction of Adoua-Kara road which links five regions in Togo. Its completion will enable Burkina Faso to have direct access to Lome port. The second funding agreement will go towards improving and expanding access to basic education as well as supporting concerned institutions. The third agreement concerns the energy sector. It will see 46 million dollars spent on electrification of 43 villages in northern Togo.

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