ICD and CDC partner to support SMEs in Gabon
The two institutions are setting up a private equity fund.The Islamic Corporation for the Development of the Private Sector (ICD) has announced it signed on October 19th an agreement with Caisse des Depots et Consignations (CDC) of Gabon to launch a private equity fund dedicated to small and medium-sized enterprises (SMEs) in Gabon and Central Africa.
The two institutions said in a statement that they are committed to
providing a solution to the issue of financing capital for growing businesses.
"The agreement will strengthen the relationship between ICD, Gabon and Central Africa, while highlighting the role that Islamic finance can play towards the development of SMEs/small medium scale industries (SMIs) in Africa. Through this fund, the CDC and the ICD will work together to facilitate support mechanisms for financing SMEs/SMIs," said Khaled Al Aboodi, President of the ICD.
CDC Director, Alain Ditona Moussavou added that the creation of this fund is a way to overcome the banks' lack of commitment towards SMEs.
"Commercial banks lend very little. This collaboration between the ICD and the CDC will fully play its role in supporting local businesses, and will act as a tremendous accelerator of growth and development for Gabon in terms of intensification of the economic fabric", he explained.