Emirates News Agency – Islamic Development Banks sign two financial agreements in favor of member states

Sharm L-Sheikh, June 2: WAM / Islamic Development Bank companies have signed two agreements to provide financial assistance to several member states. Egypt is the Arab Republic and will continue until tomorrow.

The first agreement was reached between the Islamic Corporation for Private Sector Development (ICD) and the First Bank of Cameroon of Everland, where Cameroon signed a joint Shariah-compliant finance line of மில்லியன் 40 million in support of small and medium enterprises. Corona is negatively affected by the virus.

In addition, சர்வதேச 40 million has been allocated under the International Cooperation Agency for Public Sector Development (IIDA) worth US $ 250 million, in support of Cameroonian private sector companies affected by the Govt-19 epidemic. By gaining expertise in the banking system of member countries. The remaining மில்லியன் 20 million was received from the Arab Bank for Economic Development in Africa (BADEA) under a joint venture with the International Cooperation Agency for Private Sector Development. The agreement was signed by the CEO of the Islamic Institute for Private Sector Development and a member of the Islamic Development Bank Committee. Mr. Ayman Sekeny, Chairman of the Board of Directors of Everland First Bank; Fankova was signed by John Pauline.

Under the agreement, co-funding will help Everland First Bank expand its customer base by providing Shariah-compliant funding in response to the growing demand for Islamic funding to support projects and businesses affected by Govt-19.

In this context, Ayman Sejini commented, “We make financial access to SMEs one of our priorities, based on the potential for the Islamic Corporation for Private Sector Development to achieve both goals of poverty alleviation and promotion. Helps access access to Shariah-compliant financing, open borders for companies, and secure jobs.

Under the Second Agreement, the Islamic Association signed the Insurance of Investment and Export Credit (ICICE) with the African Union of Insurance and Reinsurance (FAIR) to enhance trade cooperation among its members.

Under the Memorandum of Understanding, there will be greater cooperation between the two parties on insurance and reinsurance information, regulatory guidelines, emerging insurance requirements, identifying market gaps, minimizing risks and adding value to the company with the aim of maximizing benefits for countries. The agreement was signed by the CEO of the Islamic Corporation for Investment and Export Credit. Mr. Osama Al-Qaisi and the Secretary-General of the Afro-Asian Union Forum on Insurance and Reinsurance. Signed by Momen Mokdar.

Osama al-Qaisi, chief executive of the Islamic Corporation for Investment and Export Credit, said the agreement would help both sides gain a comprehensive approach to trade cooperation. He added: “This agreement is a cornerstone because it will promote greater cooperation between the Afro-Asian Insurance and Insurance Association (FAIR) and the Islamic Corporation for Investment and Export Credit Insurance, including technical training, training development and capacity building.”