ICD signs a Murabaha facility with LBFL in Bangladesh to support SMEs

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group, signed a Murabaha Facility of $20 million with LankaBangla Finance Limited (LBFL) on Tuesday in Dhaka, to support the growth and productivity of SMEs in Bangladesh. Green Delta Capital Limited (GDCL), who assumed the role of lead advisor, were instrumental in the successful conclusion of this transaction, and will continue to provide expertise in their capacity as a Security Agent. This is the first time in Bangladesh that a non-bank financial institution (NBFI) has sought foreign funds to finance the country’s growing SME sector, signifying a landmark deal for the LBFL as well as for the country.

Ayman Amin Sejiny, CEO & general manager of ICD, and Khwaja Shahriar, managing director of LankaBangla Finance Limited, signed the facility agreement on behalf of their respective organizations. During the signing event, Md. Rafiqul Islam, managing director & CEO of Green Delta Capital Limited, was present on the occasion.

During the signing event, Sejiny commented, “SMEs have affirmed their position as a key force for an economy’s development, and ICD is proud to play a role in extending financial support to SMEs in Bangladesh. As a multilateral development institution, our aim is to enhance the prospects for more resilient and inclusive growth in our member countries through financial inclusion and the creation of sustainable employment opportunities. As we believe in LangkaBangla Finance Limited (LBFL)’s mission, we look forward to a long-standing partnership with them.”

Shahriar said, “The facility will help Bangladeshi SMEs gain access to additional financing to capitalize on more business opportunities and to meet their working capital needs. We are pleased to be working together with multilateral development institutions such as ICD, a first for LBFL, to assist and to reach out to as many SMEs as possible. Developing vibrant and healthy SMEs are integral to Bangladesh’s economic transformation process and we remained committed to helping them access credit resources and financial services.”
Source: http://saudigazette.com.sa

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