ICD, Libya to set up SME Finance Mechanisms

The Libyan Ministry of Economy has signed an agreement with the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group (IDB), calling for the structuring of several Shariah-complaint finance mechanisms to address the needs of small- and medium-sized enterprises (SMEs) and unemployed Libyan youth.

Arab News reports that Minister of Economy, Mustafa Abufunas, welcomed this partnership and urged the ICD and its management to explore other partnership opportunities in Libya.

IDB President Ahmad Mohamed Ali (pictured) reiterated the importance of the agreement in securing avenues of ethical finance and opportunities for the youth in Libya, while serving to cement the growing relationship between IDBG and its affiliates within Libya.

Headquartered in Jeddah, the ICD was established by the IDB Board of Governors during its 24th annual meeting held in Jeddah in November 1999.

(Source: Arab News, ICD)

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