ITFC supports Senegal’s COVID-19 plan with EUR 8 million disbursement for the private sector
(Dakar, Senegal, 02 June 2020) – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has approved a Murabaha Financing of EUR 8 million for the Senegalese bank, Banque Islamique du Sénégal (BIS), to support the Bank’s trade finance operations within Senegal’s private sector.
The financing is aimed at helping Senegal, a member of the Organisation of Islamic Cooperation (OIC), to continue to contribute to economic inclusion by gearing capital towards the private sector, a key driver of jobs and socio-economic development, in this period of economic crisis resulting from the COVID-19 pandemic. Around 300,000 SMEs and microenterprises account for 90% of businesses in Senegal.
The Murabaha will positively serve intra-OIC trade, which is ITFC’s trade finance and development mandate. Furthermore, the facility is expected to support around 1,000 jobs within the private sector, including companies in food and distribution.
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Press Release