The Islamic Corporation for the Development of the Private sector (ICD) and the Orienbank of Tajikistan have signed a line of financing agreement for a $6 million facility.
The $6 million line of financing facility will be extended by Orienbank to the SMEs sector to projects in the industrial, communication, technology, health, construction and agricultural sectors.
Khaled Al-Aboodi, CEO and general manager of ICD, said: “The small and medium 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 in addition to the recent establishment of ASR Leasing Company in Tajikistan, a firm specialized to provide Shariah-compliant leasing products to the SME sector.”
Previously ICD extended a total of $11.5 million line of financing facility for the development of Small SMEs in Tajikistan, which demonstrates ICD’s firm commitment to develop the private sector in its member countries.