By Dipo Olowookere
The sum of $30 million has been given to two Nigerian financial institutions by an international Islamic lender.
The credit facility is to assist the local banks fund small businesses operating in the country under the industrial, communication, technology, health, manufacturing, agricultural sectors.
The money was provided for by the Islamic Corporation for the Development of the Private sector (ICD) and given to Jaiz Bank and SunTrust Bank.
While Jaiz Bank received $20 million, SunTrust Bank was given $10 million to support their drive for funding small businesses in Nigeria.
Also, Wema Bank Plc was given $20 million by the Islamic organisation for the same purpose, which was reported by Business Post yesterday.
According to the management of ICD, “The small and medium sized enterprises (SMEs) have a crucial role to play in a country’s growth and development, and ICD has big plans for them.
“This is an important niche in all the member countries, especially in Africa.
“ICD is now focusing on increasing access to funding to the private sector by channelling the funds to established financial institutions in its member countries.”
Previously, ICD extended a total of $120 million Line of Financing facility for the development of Small and Medium Enterprises in Nigeria which demonstrates ICD’s firm commitment to develop the private sector in its member countries.
Aduragbemi Omiyale