This strategic financing facility will enable CBI Benin to provide much-needed capital to SMEs and corporate clients across Benin, supporting the country’s economic diversification efforts and private sector development, says, an official statement issued in Jeddah, Thursday.
- EUR 25 million Shariah-compliant Line of Financing facility to support private sector growth in Benin
- Four-year facility to facilitate access to finance for the private sector enterprises, mainly SMEs and Large corporates.
- Expected to create 600 new jobs and support sustainable economic development
- Expanding ICD’s successful partnership with Coris Holding across West Africa
The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org), the private sector arm of the Islamic Development Bank (IsDB) Group, and Coris Bank International Benin (CBI Benin) have signed a EUR 25 million (16.4 billion CFA) Shariah-compliant Line of Financing (LOF) agreement.
The four-year facility is designed to enhance access to finance for private sector enterprises in Benin, with a particular focus on small and medium-sized enterprises (SMEs).
This strategic financing facility will enable CBI Benin to provide much-needed capital to SMEs and corporate clients across Benin, supporting the country’s economic diversification efforts and private sector development.
The facility is expected to create approximately 600 new jobs while benefiting a portfolio of seven SMEs and one corporate entity, in addition to supporting 13 existing jobs.
The agreement represents a continuation of ICD’s successful collaboration with Coris Holding, which has seen the establishment of Islamic banking windows and the extension of similar LOFs in neighboring West African countries, including Burkina Faso, Côte d’Ivoire, Mali, Senegal, and Togo.
This partnership underscores ICD’s commitment to promoting Islamic finance and fostering inclusive economic growth across the region.
The initiative aligns with the United Nations Sustainable Development Goals, particularly SDG 5 (Gender Equality), SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation and Infrastructure), and SDG 17 (Partnerships for the Goals).
By channeling Shariah-compliant financing to the private sector, ICD and CBI Benin aim to strengthen Benin’s economic resilience and create sustainable employment opportunities.
For media inquiries, contact:
icd.communication@isdb.org
SOURCE
Islamic Corporation for the Development of the Private Sector (ICD)