ICD and Golden Global Investment Bank ink $20mln private sector financing agreement
Jeddah, Saudi Arabia – The Islamic Corporation for the Development of the Private Sector (ICD) and Golden Global Investment Bank (the Bank) have entered into a landmark agreement to bolster economic growth in Türkiye. This new USD 20 million Commodity Murabaha Facility is designed to support private sector projects, with a special focus on small and medium-sized enterprises (SMEs) and corporates operating in the agriculture, ship construction and leasing sectors in the Republic of Türkiye.
This strategic partnership highlights ICD's dedication to fostering private sector development within its member countries. The facility provided by ICD will enable the Bank to fund a range of private sector projects, particularly in the agriculture, ship construction and operational leasing sectors, which will ultimately contribute to the economic development in Türkiye.
Key Highlights of the Agreement:
Funding Amount: USD 20 Million
Target Sector: Private sector projects, especially Corporates and SMEs
Objective: Enhance the SME and Corporates landscape in Türkiye by providing essential resources for business growth and development
Strategic Alignment: Supports ICD's Private Sector Channel Development Strategy
The agreement underscores the critical role of private sector financing in economic development. By facilitating access to financial resources, the initiative will help bridge funding gaps for SMEs and corporate clients, driving innovation and fostering a more robust and diverse economy.
About Golden Global Investment Bank: Golden Global Investment Bank was established on 15 October 2019 with the permission on 29 May 2019 from the Banking Regulation and Supervision Agency and started its activities on 1 June 2020. The Bank performs all kinds of Investment Banking activities in accordance with the principles of interest-free finance (Sharia-compliant financing), without collecting deposits and funds through special current and participation accounts specified in the Banking Law and relevant legislation.
About the Islamic Corporation for the Development of the Private Sector (ICD): ICD is a member of the Islamic Development Bank (IsDB) Group and focuses on supporting economic development and private sector growth in its member countries through Shariah-compliant financing and investment solutions. ICD also offers advisory services to foster the establishment, expansion, and modernization of private enterprises. The organization is highly rated by international credit agencies: A2 by Moody's, A+ by Fitch, and A- by S&P.
For further details, please contact: Nabil El-Alami Communications & Corporate Marketing Division Manager nalami@isdb.org
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