Mr. Khaled Al-Aboodi, the CEO of the Islamic Corporation for the Development of the Private Sector (ICD) (ICD-PS.org), a member of Islamic Development Bank Group, and Mr. Alain Ditona Moussavou CEO of Deposit and Consignments Fund (DCF), signed a Memorandum of Understanding (MoU) to launch an investment fund to support the financing of SMEs in Gabon and Central Africa.
The two institutions are determined to bring a solution to the problem of capital financing for growing businesses, the missing link in the development of a dynamic economic fabric with performing SMEs. The ICD will support the DCF to launch an investment fund that will have a positive impact in Gabon and Central Africa.
On this occasion, Mr. Khaled Al-Aboodi, said that the MoU would strengthen the relationship between ICD, Gabon and Central Africa and will play a strong role that can bring Islamic finance into the development of SMEs in Africa. Through this background, the DCF and ICD would work together in order to facilitate the support mechanism for financing SMEs. Mr. Khaled Al Aboodi also pointed out that this approach is the illustration of the special relationship between the two institutions, and best illustrates the developmental role of the ICD.
Mr. Alain Ditona Moussavouadded that the launching of an investment fund dedicated to the capital financing in favor of local and innovative SMEs/SMIs represented the missing link of a local financial sector ruled by commercial banks reluctant to give loans to SMEs. Often invoking the under-capitalization of SMEs /SMIs and the risks, the commercial banks in fact scarcely give loans.
Consequently, thanks to this tool created through the partnership between ICD and CDC, the latter will fully play its role of supporting the local enterprises, and particularly, offering to Gabon a wonderful accelerator of growth and development in terms of densification of the economic web.
Finally, he underlined that this achievement is only the first step of a relationship, which he expects to be closer in the coming years between the two institutions.Distributed by APO on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
About the Islamic Corporation for the Development of the Private Sector (ICD):
ICD (ICD-PS.org) is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments, which are in accordance with the principles of Shari’a. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information, visit www.icd-ps.org
About Deposit and Consignments Fund (DCF):
Deposit and Consignments Fund (DCF) of Gabon is a public institution of industrial and commercial activities which started in 2012, that continues the implementation of its tasks as a public financial institution, including that of becoming a long term investor and a catalyst for development. It is positioned as an investor supporting the development of business and private initiative; it supports Gabonese companies not only downstream by offering financing, but also upstream, helping to stimulate entrepreneurship, through development initiatives.