Jaiz Bank Plc secures $25 million from Islamic Corporation to support SMEs in Nigeria.

Jaiz Bank Plc has secured an additional $25million line of financing (LOF) from Islamic Corporation for the Development of the Private Sector (ICD),  to support Small and Medium Enterprises (SMEs) in Nigeria.

This is according to a statement signed by the bank’s secretary, Mrs Rukayat Dahiru, and uploaded on the website of the Nigerian Exchange Limited (NGX).

According to the notice, the non-interest bank had been in partnership with the ICD since 2018, when it granted a $20m Line of Finance (LOF) to support SMEs in the country. Having effectively disbursed the funds to eligible SMEs and subsequently repaid the LOF, Jaiz Bank approached and obtained an additional $25m from ICD for onward disbursement.

The bank further revealed that it secured the $25m LOF earlier in February this year, but could not proceed with the signing ceremony due to COVID-19 restrictions. However, the formal agreement was signed on the 2nd of September, 2021 during the recently concluded Islamic Development Bank (IsDB) annual meeting which was held in Tashkent, Uzbekistan. The meeting afforded Chief Executives of both institutions the opportunity to meet and finalize the deal.

What you should know:

  • The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and a member of the Islamic Development Bank (IsDB) Group. ICD was established in November 199 to support the economic development of its member countries through the provision of finance for private sector projects, and promotion of competition/entrepreneurship, while encouraging cross border investments.

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