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ICD And Coris Bank Ink Signing of Line of Financing Agreement Under The COVID-19 Line of Financing Support Facility

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By Angeline Mgbele, Correspondent Abuja

The Islamic Corporation for the Development of the Private sector (ICD), the private sector arm of the Islamic Development Bank (IsDBG), and Coris Bank International – Burkina Faso (the Bank or CBI – Burkina Faso), 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.

CEO of ICD Ayman Amin Sejiny and Managing Director of CBI – Burkina Faso, Diakarya Ouattara signed the Line of Financing agreement for EUR 15 million(US$18.07million) 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, the CEO of Coris International Bank Diakarya Ouattara 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.

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