CAIRO - 23 January 2023: The Islamic Corporation for the Development of the Private Sector (ICD) aims to provide financing worth $120 million to local Egyptian banks, including Banque Misr and the National Bank of Egypt (NBE).
The provision of these funds supports small and medium enterprises.
The ICD also aims from these funds to develop trade and business development, and to provide integrated trade solutions in Egypt through various programs with its international partners, such as the Arab-African Trade Bridges Program to support Egyptian exporters and link Egyptian companies with trade relations and partnerships with African countries.
Another program the ICD aims to provide solutions to is the second phase of The 2nd Phase of
Aid for Trade Initiative for the Arab States (AfTIAS 2.0 Program) to enhance Egypt’s role with the Arab countries in global value chains, refine the skills of youth and women in entrepreneurship, and develop small and medium enterprises in the vital sectors of Egypt’s foreign trade.
The ICD’s business program in Egypt includes expanding the scope of financing line facilities in the medium term to include financial institutions in Egypt, with a target amount of $80 million to support private sector companies, especially small and medium enterprises.
It will also provide financing to private sector companies and infrastructure projects, with a total targeted value of $40 million.