JEDDAH — The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of IDB Group, and BSIC Niger have entered into an agreement to finance SMEs in Niger.

Khaled Al-Aboodi CEO of ICD and Abakar Adoum, Managing Director of BSIC, signed the line of financing agreement for €9 million under the Wakala structure or agency contract.

The collaboration will focus on developing private sector especially SMEs, supporting economy, strengthening the balance sheet of the Bank, improving the living standard of the population by creating jobs, generating tax revenues for the government and promoting Islamic Banking in the country.

Al-Aboodi said “ICD has been engaging with local banks in Niger to strengthen SMEs. This agreement will enable us to establish an all-encompassing financial network to support local SMEs willing to develop their business in the country. In addition, BSIC is an institution ICD is familiar with, having extended a line of finance to other subsidiaries of the Group.”

Abakar Adoum said “the signing of the agreement between our bank and the ICD, marks the beginning of a partnership that we hope will be lasting and fruitful for both institutions. Through our status as Wakel, BSIC Niger clients (SME) will enjoy a mentoring that meets their needs at relatively acceptable costs. The €9 million line of financing will enable us to finance both the investment and operating needs of our SME clients; especially that it is a 5-year line. We are very pleased to see that our approach to the ICD led to the signing of this agreement and we believe that other forms of partnership, including the opening of an Islamic window, will develop in the near future.” — SG