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Egypt,Jordan,Morocco,Tunisia,United Kingdom : ICD enters joint collaboration MoU with EBRD to support SMEs
Publish Date : 06-May-2014
The European Bank for Reconstruction and Development (EBRD) has inked a Memorandum of Understanding (MoU) with the Islamic Corporation for the Development of the Private Sector (ICD) to develop joint collaboration to help SMEs in Egypt, Jordan, Morocco and Tunisia.
As per the terms of the MoU, both EBRD and ICD will set up a $120 million investment fund, to develop and to financially support SMEs across the southern and eastern Mediterranean region (SEMED) through innovative transaction structures. Under the Fund, various financing products will be used such as equity and quasi-equity.
Both the institutions will contribute to the SME Fund, as well as exploring additional institutional investors and donor streams in order to provide further resources to support SME financing, and the technical assistance required, in the region.
"We are delighted to launch our collaboration with ICD based on their knowledge of the region and on our successful track record in SME financing," said the EBRD President, Sir Suma Chakrabarti, "Hildegard Gacek, the Managing Director for the SEMED region will lead the implementation of this vehicle which will improve access to finance for SMEs – the backbone of the economy and fertile ground for job creation."
"ICD has put its mission statement in practice for the SME sector by engaging in innovative strategies and alliances that will serve to strengthen SMEs in the Middle East and North Africa, thereby enhancing the impact of socio-economic development," said The CEO and General Manager of ICD, Mr. Khaled Al-Aboodi, "The SME Funds Program, focusing on launching and managing investment vehicles with a successful track record, is also providing technical assistance to financial institutions and investee companies. The Program is not only supporting access to finance but also favoring inclusive growth."
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