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| Source: ICD. ICD signs MoU with OJSC Agroinvestbank for financing facility. |
The Islamic Corporation for the Development of the Private Sector (ICD) and OJSC Agroinvestbank of the Republic of Tajikistan have signed a memorandum of understanding for cooperation to consider the extension of a financing facility to the bank as part of the allocation of US$25 million for Tajikistan.
The line of financing will be extended by OJSC Agroinvestbank to the SME sector for industrial, communication, technology, health, construction and agricultural projects.
The line of financing will be extended by OJSC Agroinvestbank to the SME sector for industrial, communication, technology, health, construction and agricultural projects.
Khaled Al Aboodi, the CEO and General Manager of ICD, 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 in addition to the establishment of ASR Leasing Company in Tajikistan - a company specialised to provide shari'ah compliant leasing products to the SME sector.”
ICD previously extended a total of US$11.5 million in financing for the development of SMEs in Tajikistan which demonstrates ICD’s commitment to develop the private sector in its member countries.
The Chairman of OJSC Agroinvestbank said, "The close and mutual fruitful cooperation between Agroinvestbank and ICD positively affects the development of the economy of the Republic of Tajikistan through financing SMEs in key sectors such as agricultural, industry, construction and etc. The Islamic banking products have a huge potential to meet the increasing demand for long term financing of SME in Tajikistan. In this regard, the signing of present MoU is a step towards strengthening and deepening our further collaboration in context of development of the economy of the Republic of Tajikistan and enabling SMEs access to finance.”
ICD previously extended a total of US$11.5 million in financing for the development of SMEs in Tajikistan which demonstrates ICD’s commitment to develop the private sector in its member countries.
The Chairman of OJSC Agroinvestbank said, "The close and mutual fruitful cooperation between Agroinvestbank and ICD positively affects the development of the economy of the Republic of Tajikistan through financing SMEs in key sectors such as agricultural, industry, construction and etc. The Islamic banking products have a huge potential to meet the increasing demand for long term financing of SME in Tajikistan. In this regard, the signing of present MoU is a step towards strengthening and deepening our further collaboration in context of development of the economy of the Republic of Tajikistan and enabling SMEs access to finance.”