The new ICD 2023 program worth $120 million to propel private sector-led development
23-01-2023 12:38:00 | by: Marlene Mutimawase | hits: 1656 | Tags:

 In a major step towards driving economic growth in Egypt's private sector, the Islamic Corporation for the Development of the Private Sector (ICD) has signed a new program worth $120 million for the year 2023.

The signing ceremony was graced by high-ranking government officials, including H.E. Dr. Hala Al-Said, Minister of Planning and Economic Development and governor of Egypt at the Islamic Development Bank, H.E. Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, and H.E. Dr. Rania Al-Mashat, Minister of International Cooperation.

The program, which aims to propel private sector-led development, includes expanding credit lines for financial institutions operating in Egypt, worth a total amount of $80 million to support private sector companies, particularly small and medium enterprises. The ICD will also provide financing for private sector companies and infrastructure projects, worth a total value of $40 million.

Eng. Hani Salem Sonbol, CEO of the ICD, says, “the ICD is proud of its vital partnership with Egypt's businesses to support and develop the private sector to actively participate in the development of the local economy.” He adds that since its establishment, the ICD has approved 32 financing projects that are worth a total value of $275 million for private sector development.

“The ICD is gearing up for partnerships with financial institutions in Egypt to help develop local Islamic capital markets and provide advisory services for the issuance of Sukuk,” Eng. Sonbol said.

This new program marks a significant step forward in the ICD's commitment to Egypt's private sector and serves as a beacon of hope for the country's economy. The ICD's investment in the private sector will create new opportunities, spur growth and provide a much-needed boost to the country's development.