ICD Signs a Term Sheet for a EUR 20 Million Shariah-Compliant Line of Financing facility with AFG Bank Cameroon to Boost SME Development in Central Africa

• A Term Sheet for a EUR 20 million Shariah-compliant LOF facility was signed with AFG Bank Cameroon on June 18, 2026, at the IsDB Annual Meetings in Baku.
• Targets SME growth in agribusiness, transport, and healthcare across Cameroon, Gabon, and Chad.
• Expected to create 2,200+ jobs (including significant women's participation) across partner and end-beneficiary levels.
• Marks first ICD–AFG Bank Cameroon collaboration, opening broader engagement with the Atlantic Financial Group network.

Baku, Azerbaijan – June 18, 2026 – The Islamic Corporation for the Development of the Private Sector (ICD) and AFG Bank Cameroon signed a Final Term Sheet for a EUR 20 million Shariah-compliant Line of Financing facility on the sidelines of the IsDB Group Annual Meetings in Baku.

The facility will provide medium to long-term funding to SMEs in Cameroon, Gabon, and Chad, with a focus on key sectors including agribusiness, transportation, energy and healthcare. It aims to address financing gaps, stimulate private sector growth and support formal job creation.

Expected to generate significant employment opportunities, particularly by enhancing women’s participation in the economy, the initiative represents the first collaboration between ICD and AFG Bank Cameroon. It also paves the way for broader strategic engagement with the Bank’s main shareholder, the Atlantic Financial Group network.  

This partnership reaffirms ICD's continued commitment to fostering sustainable private sector development through Islamic finance. It contributes to advancing inclusive growths and align with the IsDB Group's vision for development across its 57 member countries.

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About AFG Bank Cameroon

AFG Bank Cameroon, formerly known as Atlantic Bank Cameroon (BACM) until March 2025, is a subsidiary of Atlantic Financial Group. The bank was officially established on September 19, 2008, marking a significant milestone in AFG's regional growth. The bank commenced operations in April 2009.

AFG Bank Cameroon offers its customers a wide range of products covering customer loans, deposit collection, insurance, trade finance, remote banking, electronic payment products, and various commission-generating services. The bank has established itself as one of the leading institutions in the banking sector, recognized for its robust expertise in corporate finance and a diversified portfolio of services tailored to the needs of both individual and corporate clients.

Through its strategic presence and financial solutions, the bank plays a significant role in supporting local economic development, facilitating business growth, enhancing financial inclusion, and contributing to job creation across the regions it serves.

The strategic transition (from Banque Atlantique Cameroon to AFG Bank Cameroon) aligns with the global vision of its parent company, the Ivorian financial conglomerate Atlantic Group, founded by the Chairman Bernard Koné Dossongui. By unifying its subsidiaries under the single, strong AFG (Atlantic Financial Group) brand, the group is building an integrated financial ecosystem across the continent.

Website: https://afgbank.cm/                                                     

About ICD

The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development finance institution and member of the Islamic Development Bank (IsDB) Group. Established in November 1999 and headquartered in Jeddah, Saudi Arabia, ICD supports economic development in its 56 member countries by providing financial assistance to private sector projects in accordance with Shariah principles. With an authorized capital of USD 4.0 billion and more than 25 years of operational excellence, ICD complements IsDB's activities by promoting capital market development, best management practices, and enhancing the role of market economies. ICD holds strong credit ratings of A2 by Moody's, A+ by Fitch, and A by S&P.

For more information, visit www.icd-ps.org and follow ICD on X (@icd_ps), LinkedIn (@icdps), Facebook (@icdps), and YouTube (@icdps).

Media Contact

For media inquiries, please contact: icd.communication@isdb.org