Signing of Line of Financing Agreement (under the Covid-19 LOF Support Facility) between ICD and Coris Bank International – Burkina Faso (CBI – Burkina Faso)
[Jeddah - Ouagadougou, November 26th] The Islamic Corporation for the Development of the Private sector (ICD), the private sector arm of the Islamic Development Bank (IsDBG), and Coris Bank International – Burkina Faso (the Bank or CBI – Burkina Faso), a member of the Coris Bank Group, have entered into an agreement to finance private sector enterprises in Burkina Faso, affected by the Covid-19 pandemic.
Mr. Ayman Amin Sejiny, CEO of ICD, and Mr. Diakarya Ouattara, Managing Director of CBI – Burkina Faso, signed the Line of Financing agreement for EUR 15 million under the Commodity Murabaha Financing Structure dedicated to the Islamic Window of the Bank.
On this occasion, the CEO of ICD commented that: “The Line of Financing facility will be utilized by CBI – Burkina Faso to support economic activities of eligible private sector businesses that have been affected by the Covid-19 outbreak. This facility is part of ICD’s USD 250 Million Support Package to assist Member Countries recovering from Covid-19 Pandemic”.
In his speech, Mr. Diakarya Ouattara, the CEO of Coris International Bank has “praised the quality of the partnership between the two institutions and recalled that in 2016 the Bank benefited from the first line for an amount of 17 million Euros over a 4-year maturity. This has enabled them to support several SMEs / SMIs through the financing of projects in various vital sectors such as health, education, agriculture, agro-food industry, and transport. He also thanked ICD for extending this facility in these difficult times where banks need liquidity to support their affected clients, especially SMEs”.
Coris Bank Group is an existing client of ICD and this LOF facility is the third one provided by ICD to the Group; including LOF facilities extended to CBI Burkina Faso and CBI Mali for EUR 17 Mn in 2016 and EUR 6 Mn in 2018, respectively.
Since its inception and as a testament to ICD’s firm commitment to developing the private sector within its member countries, ICD has extended Line of Financing facilities to several financial institutions present in Sub Saharan Africa for the development of the private sector, including SMEs.
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral financial institution established by the Board of Governors of the Islamic Development Bank (IsDB) during its twenty-fourth (24) annual meeting held in Rajab 1420H (November 1999) in Jeddah, Kingdom of Saudi Arabia. ICD was established to be the IDBG private sector window. The authorized capital of the Corporation is USD 4 billion. The shareholders consist of the IsDB (rated Triple-A), 55-member countries, and 5 financial institutions from the member countries. ICD Rated A2’ by Moody’s, ‘A’ by S&P and, A+ by Fitch
The ICD aims to play a complementary role to the activities of IsDB and the national financing institutions in the member countries by focusing on private sector institutions in their various activities and operations in full compliance with the principles of Islamic Shari’ah. In addition to extending financing and financial services, ICD provides advisory and consultancy services to governments and private sector institutions in order to adopt policies for establishing, expanding, and modernizing private sector companies, developing Equity Capital Markets (ECM), Debt Capital Markets (DCM) in the form of Sukuk, adopting better management practices, and strengthening the role of the market economy. ICD focuses its financing on development projects (such as infrastructure and private equity funds) that aim to create job opportunities and to encourage exports.
In order to achieve all these goals, ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive. Financial services institutions within ICD’s member countries are benefiting from fintech innovations by using artificial intelligence, robotics, blockchain, data analytics, and cloud computing services. ICD created a platform based on its relationships with 119 financial institutions, through which, the Islamic Development Bank Group (IsDBG) in general and the institution, in particular, can have access to a concerned country and identify available financing opportunities. The platform allows financial entities to collaborate in identifying investment opportunities, sharing market information, and laying the groundwork for actual financial transactions within the OIC member countries and across borders. For More Information, please visit: www.icd-ps.org
About Coris Bank International – Burkina Faso
Coris Bank International (CBI SA), the subsidiary of the West African Financial Group Coris Holding, is a Burkinabe private universal bank with a share capital of 32 billion CFA Franc and listed on the Regional Stock Exchange of Securities (BRVM) of UEMOA. With the vision of being the benchmark bank in supporting SMEs / SMIs in Africa, it has been the leader of the Burkinabe market since 2016.
Maintaining and consolidating its quality standards throughout its network coupled with its continued growth have enabled CBI SA to obtain numerous national and international distinctions and got the BBB + rating from the West African Rating Agency (WARA).
This expertise of CBI SA served as a reference for the development of the Coris Group in the sub-region through its establishment in 7 UEMOA countries: Benin, Burkina Faso, Côte d'Ivoire, Guinea Conakry, Mali, Niger, Senegal and Togo. CBI SA has been a leading partner of ICD since 2014. For more information please visit: https://burkina.coris.bank/