Line of financing agreement signed between Islamic Corporation for Development of Private Sector and Nigerian Banks

Line of financing agreement signed between Islamic Corporation for Development of Private Sector and Nigerian Banks

The Islamic Corporation for the Development of the Private sector (ICD) and Jaiz Bank, SunTrust Bank and Wema Bank signed a Line of financing agreements for a USD 20 million, USD 10 Million and USD 20 Million respectively.

The USD 50 million Line of financing facility will be extended by the above Nigerian Banks to the SMEs covering various sectors such as industrial, communication, technology, health, manufacturing, agricultural sectors, etc.

In this occasion ICD Management 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 niche in all the member countries, especially in Africa. ICD is now focusing on increasing access to funding to the private sector by channeling the funds to established financial institutions in its member countries”.

Previously ICD extended a total of USD 120 million Line of Financing facility for the development of Small and Medium Enterprises in Nigeria which demonstrates ICD’s firm commitment to develop the private sector in its member countries.

Note to Editors

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 non interest banking. ICD also provides technical assistance to Governments and private organizations in the establishment, expansion and modernization of private enterprises. For more information, visit www.icd-idb.org

About Jaiz Bank

Jaiz Bank PLC is a national bank and a quoted public company owned by over 26,000 shareholders spread over the six geo-political zones of Nigeria. The Bank’s balance sheet has grown from N12 billion in 2012 to about N62 billion, with asset financing of over N30 billion.

Its customer base has grown to over 230, 000 cutting across all strata of the society. Its product offerings have grown substantially ranging from friendly retail to commercial and corporate products.

It have also grown our branch network from 3 branches in 2012 to 30 branches, spread across the country. Jaiz are building more branches to satisfy the yearnings of millions of people who are desirous of this model of banking. The Bank was created out of the former Jaiz International Plc which was set up in 2003/2004 as a Special Purpose Vehicle (SPV) to establish Nigeria’s first full-fledged Non-Interest Bank. It obtained a Regional Operating Licence to operate as a Non-Interest Bank from the Central Bank of Nigeria on the 11th of November 2011 and began full operations as the first Non-Interest Bank in Nigeria on the 6th of January, 2012 with 3 branches located in Abuja FCT, Kaduna and Kano. The Regional Licence allowed the Bank to operate geographically in a third of the country. Also, based on recommendations from Islamic Development Bank (IDB), which is also a shareholder of the bank, Jaiz Bank PLC had partnered with Islamic Bank of Bangladesh (IBBL) for Technical and Management Assistance. For more information, visit www.jaizbankplc.com

About Sun Trust

SunTrust Bank, inspired by the future, is a privately held Commercial Bank licensed by the Central Bank of Nigeria under the BOFIA.

SunTrust Bank is poised to create value for its customers by leveraging on its competencies and a team of highly motivated staff, we work tirelessly to develop & provide a broad range of unique financial services and products to consumers, small business, corporations, governments and institutions with that will positively impact their business.

SunTrust strive to create the best outcomes for its clients and customers with financial ingenuity that leads to solutions that are simple, creative and responsible. The Bank focuses its lending activities on SME Finance, Retail/Consumer Banking, medium to large Corporate Finance and explores other specialized Development/infrastructure financing activities.

SunTrust Bank is committed to meeting the financial service needs of the communities it serves in a friendly, professional manner, while improving shareholder value. The bank strive to earn a superior return while maintaining an uncompromising commitment to the principles of honesty and integrity. Its commitments to its shareholders, customers and employees will enable the Company maintain a level of profitability necessary to remain independent for the benefit of the communities we serve. For more information, visit www.suntrustng.com.

About Wema

Established in 1945, WEMA is Nigeria’s longest surviving indigenous bank. Wema Bank offers a range of retail and SME banking, corporate banking, treasury, trade services and financial advisory to its ever-expanding clients. In 2009, the Bank underwent a strategic repositioning exercise which culminated in a decision to operate as a commercial Bank with regional authorization in South-South Nigeria, South-West Nigeria, Lagos and Abuja in 2011. However, in 2015, the bank was granted a national banking licence by the Central Bank of Nigeria. Wema Bank offers a range of retail and SME banking, corporate banking, treasury, trade services and financial advisory services to its numerous customers. The Bank operates a network of over 140 branches and service stations across Nigeria, backed by a robust ICT platform. For more information, visit www.wemabank.com

Nokia expanding its activities in Georgia
Nokia expanding its activities in Georgia
Georgia shares data on dried fruit exports
Georgia shares data on dried fruit exports
Turkmenistan leads in aviation oil exports to Georgia
Turkmenistan leads in aviation oil exports to Georgia
Loading Bars
Latest
Nokia expanding its activities in Georgia
SIEMENS AG modernizing thermal power plants in Uzbekistan’s Tashkent
Georgia shares data on dried fruit exports
Uzbekneftegaz JSC implementing modernization of unit at Uzbekistan's Shurtan Headings
Azerbaijan sees increase in inflation rate for Q12021
Turkmenistan leads in aviation oil exports to Georgia
Volume of Azerbaijan's 1Q2021 railway cargo traffic revealed
Russia's Yandex to launch e-grocery delivery in Paris then London
Kansas City revenue falls 3.5% as COVID-19 hits volumes
India To Spend $200 Million In Next 5-7 Years To Promote Hydrogen Use
Georgian Railway plans to issue Eurobonds in June 2021
Turkmenistan sees increase in number of registered business entities
Russian Hevel Energy Group commissions solar plant in Kazakhstan
UK PM Boris Johnson To Finalise "Roadmap 2030" With India: High Commission
India, France sign agreement for cooperation on Gaganyaan mission
Amazon announces $250 million fund for small, medium businesses in India
Sputnik V covid vaccine deliveries to India to begin this month
Anglo Asian Mining lowers gold output in Azerbaijan
International airport being built in Uzbekistan's Samarkand
Iran top OPEC oil producer for March 2021
Total assets of Azerbaijan's Kapital Bank increase
Japan provides loan to Uzbekistan within socio-economic dev't
Iran expects increase in production
Azerbaijan restoring roads in Tartar damaged during Second Karabakh War (PHOTO)
Memorandum of Understanding on co-op between Azerbaijan and OIC in field of statistics approved
COVID-19 affects trade turnover between Switzerland, Azerbaijan - ambassador
President of Afghanistan holds meeting with Nizami Ganjavi International Center (PHOTO)
Volume of natural gas industrial treatment at Turkmenistan’s Galkynysh field revealed
Iran has to take advantage of regional markets - Chamber of Commerce
Russia discloses volume of Sputnik V vaccine to be supplied to Azerbaijan
Azerbaijan shares data on cancelled tender, quotation poll results
Iran, Qatar may connect their power networks
Azerbaijan reveals 2M2021 data on cargo movement via TRACECA
Georgia sees increase in production of nuts and grapes
Meetings held in Azerbaijan with representatives of state bodies to switch to G-Cloud
Azerbaijan Airlines’ Supervisory Board holds first meeting (PHOTO)
China to invest in development of Iranian ports
Production of wheat and potato in Georgia increases
Switzerland sees potential in strengthening co-op with Azerbaijan in energy field
Uzbekistan interested in import of livestock from Kyrgyz Republic
Turkmenistan receives new industrial oil inflow
Uzbekistan discloses processing capacity of sunflower seeds by 2022
Azerbaijan talks reconstruction of several fish farms
VTB Group concludes deal for acquisition of Kazakhstan's KAZ Minerals
SOCAR boosts exports of oil, petrochemical and gas-chemical products
State Tax Service of Azerbaijan talks tax fees for online services
Passenger transportation indicators plummet in Kazakhstan
Azerbaijan's 1Q2021 GDP slightly decreases
Azerbaijani president, first lady view renovation, restoration work in Baku's Pirshaghi settlement (PHOTO)
Azerbaijan’s gas exports see 45% growth
Azerbaijan boosts gas exports via Baku-Tbilisi-Erzurum in 1Q2021
Azerbaijan records surplus in 1Q2021 state budget
Azerbaijan decreases oil exports via BTC
SOCAR increases gas output y-o-y
Uzbekistan to invest in viticulture dev't
Kazakhstan’s national postal service operator to buy consumables via tender
Uzbekistan continues ramping up flour, cereal exports
Mine explosion in Azerbaijan takes life of one more serviceman
Uzbekistan, Russia implementing numerous joint projects
Georgia reports 1,077 new cases of coronavirus for April 16
New Delhi a natural partner in shaping Indo-Pacific region: Australian PM Scott Morrison
Economist Intelligence Unit calculates 13 per cent growth for India, more than IMF prediction
Kazakhstan boosts exports to Russia over 2M2021
French Bouygues carries out construction of two new facilities in Turkmenistan
Azerbaijan's ADIF shares data on compensations paid to depositors of closed banks'
No point in discussing Nagorno-Karabakh problem in previous context - Russian expert
2021 to see over 3% increase in global gas demand
Georgia sees increase in hotel price index for March 2021
Kazakhstan unveils timeframe for large-scale crops sowing
Kazakhstan shares vehicle production data
Prices for precious metals up in Azerbaijan
Turkmenistan signs number of documents with international organizations
EBRD to invest in another project in Azerbaijan
National Bank of Georgia sells funds to stabilize lari exchange rate
Azerbaijan sees growth in retail turnover of ICT products from early 2021
IMF eyeing support to Kazakhstan's cybersecurity and risk management sectors
Iran - P5+1 on right track in Vienna talks - Deputy FM
Italian Senate delegation visits Azerbaijan's liberated Aghdam (PHOTO)
Islamic Solidarity Games-2021 may be postponed - Federation's Executive Committee
Azerbaijan’s pipeline gas deliveries set to increase by over 15%
1Q2021 volume of sold food products in Azerbaijan's trade network up
Denmark speeds up reopening as epidemic stabilises
Azerbaijan IT company monitoring performance of financial structures
Kazakhstan carrying out several projects to boost local cars manufacturing
Turkmen-Chinese partnership has potential in number of areas
European new car sales jump 87% year-on-year in March
Kazakh-German oil extracting JV opens tender for design documentation dev't
Azerbaijani oil prices disclosed
Azerbaijani gas among drivers of Eurasian output growth in Q1 2021
None of Armenian PM's statements worth meaningful comment - Azerbaijani MFA
Axpo plans to produce green hydrogen
Oil climbs to four-week high on strong China data, demand revival
Azerbaijani insurer reports profit growth year-on-year
Kazakhstan's trade structure with EAEU countries for 2M2021 unveiled
Azerbaijani currency rates for Apr.16
Azerbaijan shares footage from Aghdam's Baghbanlar village (VIDEO)
Azerbaijan records high demand for underwriting services in local capital market
Coca-Cola Amatil votes in favour of European bottler's $7.68 bln takeover deal
Share of Azerbaijani gas in Greece’s imports reach 18%
Armenia violating int'l legal principles by refusing to give up minefield maps - Chair of Azerbaijani Parliament
All news