The Islamic Corporation for the Development of the Private Sector (ICD) aims to accelerate the development of Islamic finance in Côte d’Ivoire in order to expand the sources of funding available to businesses and investors.
The institution, a member of the Islamic Development Bank Group, presented its instruments during a workshop held in Abidjan with actors from the Ivorian financial and private sectors.
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The ICD operates notably through financing lines intended for banks, equity investments, direct company financing, and mechanisms compliant with the principles of Islamic finance, which notably exclude conventional interest.
For Côte d’Ivoire, the challenge is to diversify the financing channels for the private sector, particularly for SMEs that still face difficulties accessing medium- and long-term credit.
The workshop should also enable Ivorian financial institutions to better understand the available instruments and the necessary conditions for the development of Islamic finance products in the local market.
Ivory Coast is a member of the Islamic Development Bank and has already mobilized various financing from the group’s institutions for public and private projects.
