News

24.05.2013
Signing of a preliminary agreement between the Islamic Corporation for the Development of the Private Sector (ICD) and Orien Bank of Tajikistan

Mr. Khaled Al Aboodi                 Mr. Rajabbek Sulaymonbekov

Dushanbe, May, 22nd 2013.

The Chief Executive Officer of the Islamic Corporation for the Development of the Private sector (ICD), Mr. Khaled Al-Aboodi, and the Deputy Chairman of Orienbank in Tajikistan, Mr. Rajabbek Sulaymonbekov, signed a preliminary agreement on Line of financing for a USD 6 million facility during the 38th IDB Group Annual Meeting in Dushanbe.

The USD 6 million Line of financing facility will be extended by Orienbank to the SMEs sector to project's amounting from USD 0.5 million to USD 1.5 million in industrial, communication, technology, health, construction and agricultural sectors.

In this occasion Mr. Khaled Al Aboodi commented:” The small and medium sized enterprises (SMEs) have a crucial role to play in a country’s growth and development, and ICD has big plans for them. This is an important sector in all the member countries, including the higher income ones. ICD is now focusing on this sector by extending lines of finance to local banks and establishing Ijara companies and investment funds”.

Before the above transaction, on 2006, ICD signed financing agreement with a local financial institution for a total of USD 11.5 million Line of Financing facility approved by the ICD Board of Directors for the development of Small and Medium Enterprises (SMEs) in Tajikistan which demonstrates ICD’s firm commitment to develop the private sector in its member countries. USD 10 million out of the total facility amount has now been fully disbursed.

About ICD

ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari'a. ICD also provides advice to Governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. For more information, visit www.icd-idb.com