ICD and Indonesia Exim Bank Sign Letter of Intent to Strengthen Cooperation in Shariah-Compliant Investment and Support Indonesia’s Financial Sector
Jakarta, 23th October 2025 – The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group, and Indonesia Eximbank today announced the signing of a landmark Letter of Intent (LOI) expressing their intention to explore a potential USD 30 million Line of Finance (LoF) facility to be extended by ICD to Indonesia Eximbank (the “Facility”).
The proposed Facility is intended to be used by Indonesia Eximbank for onward financing of eligible private sector enterprises whose operations have strong development impact in Indonesia. In deploying the Facility, there will be strong focus on supporting Small and Medium Enterprises (SMEs) and large corporates whose operations have the potential of boosting national export performance and the growth and development of export-oriented halal industries in Indonesia thereby driving economic growth and strengthening national development.
Following the signing of the LOI, Mohammad Asheque Moyeed, Acting Director of Banking Department of ICD commented:
“This proposed LOF facility is not just another financing line; it is a landmark shariah compliant transaction designed to increase access to capital and open new opportunities for private sector growth and development in Indonesia. The Facility aims to unlock new opportunities and serve as a catalyst for attracting greater participation from investors and financiers in our member countries and other international markets into the dynamic Indonesia's economy. It reinforces our commitment to expanding and diversifying Islamic finance globally.”
Indonesia Eximbank expressed its appreciation for ICD’s proactive engagement, emphasizing that the proposed Facility will be efficiently channeled to finance eligible businesses, unlocking new opportunities for Indonesian enterprises and contributing to the advancement of export-oriented halal businesses and the growth of the Islamic finance industry in Indonesia.
Anwar Harsono, Managing Director of Finance, Operations, & Information Technology of Indonesia Eximbank said:
“This collaboration underscores our shared commitment to strengthening Indonesia’s export sector and expanding SME access to financing. We believe this Facility will support the growth of export-oriented halal industries and further strengthen Indonesia Eximbank’s role as the Special Mission Vehicle of the Ministry of Finance in promoting national businesses, particularly halal products, in the international market.”
ICD has a strong track record of providing Line of Finance facilities to financial institutions across its 56 member countries. This partnership with Indonesia Eximbank represents a strategic step in expanding ICD’s footprint and growing impact in its member countries within the ASEAN region and promoting inclusive and sustainable private sector growth.
About the Islamic Corporation for the Development of the Private Sector (ICD)
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution that supports the economic development of its member countries. ICD is a member of the Islamic Development Bank (IsDB) Group with an authorized capital of $4 billion, ICD’s shareholders include the IsDB, 56 member countries, and five public financial institutions. ICD’s mandate is to promote the economic development of its member countries by financing and encouraging the establishment, expansion and modernization of private sector enterprises and projects in its member countries, promoting competition and entrepreneurship, and encouraging cross-border investments. The ICD is currently rated ‘A2’ by Moody’s, ‘A+’ by Fitch, and ‘A’ by S&P. For More information on ICD visit: https://icd-ps.org.
About Indonesia Exim Bank
Established under Law No. 2/2009, Indonesia Eximbank is a financial institution wholly owned by the Government of the Republic of Indonesia. Its primary objective is to enhance national export growth and support exporters in expanding their business capacity.
Indonesia Eximbank is committed to promoting Indonesian exporters as respected global players, offering world-class export products and services to international markets.
Media Contact
Islamic Corporation for the Development of the Private Sector (ICD)
Nabil Al-Alami
Manager, Communication & Corporate Marketing, ICD
Email: nalami@isdb.org
Indonesia Eximbank
Corporate Secretary – Indonesia Eximbank
Ph: (021) 39503600
Email : corpsec@indonesiaeximbank.go.id