ICD and Jaiz Bank in Nigeria Sign Line of Financing Agreement to Support SMEs

The Islamic Corporation for the Development of the Private Sector (ICD) and Nigeria-based Jaiz Bank have signed a USD 25 Million Shariah-compliant Line of financing (LoF) agreement to support small and medium-sized enterprises (SMEs) in Nigeria, including those adversely affected by COVID-19.

Why it Matters?

Of this LoF, USD 10 million has been set aside under the ICD’s USD 250 million COVID-19 Support Package to help the private sector affected by COVID-19, by leveraging the expertise of the banking system of its member countries. ICD’s LoF facility would also help to expand Jaiz Bank’s customer base in Nigeria through the provision of Shariah-compliant financing in response to rising demand for Islamic finance to support projects an...