ICD, Libya to set up finance mechanisms for SMEs

During the 29th CONCEC session held in Istanbul this week, the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group (IDB), and the Libyan Ministry of Economy signed an agreement calling for the structuring of several Shariah-complaint finance mechanisms to address the small and medium enterprises (SMEs) and the unemployed Libyan youth.
The accord was signed under the aegis of IDB President Ahmad Mohamed Ali and in the presence of Libyan Minister of Economy Mustafa Abufunas.
The finance mechanisms should help contribute to Libya’s economic development and diversification by way of employment, stability and innovation by helping to create job opportunities for the youth and also new finance opportunities.
Mohamed Ali reiterated the importance of this 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 with Libya, a member country.
Meanwhile, Abufunas welcomed this partnership and urged the ICD and its management to explore other partnership opportunities in Libya.
The ministry was represented by Abdalnasr M. Abouzkeh at the signing. After the signing ceremony, he said: “The Libyan government through the Ministry of Economy and the IDBG shares a mission of supporting the private sector, especially the youth, and we look forward to working with our colleagues at the IDBG and the ICD on this very important agreement.”
ICD looks forward to cooperating with the Libyan government, especially in providing Islamic finance solutions that will benefit the Libyan youth. “At the same time, we are positive that these Islamic finance mechanisms shall serve the needs of the SME community in Libya by offering alternative finance solutions coupled with support services needed for any SME to be successful,” said ICD CEO Khalid Al-Aboodi during the signing of the agreement.
He added: “Our team has been closely working with the ministry during this past year. The latest agreement comes after a fruitful assessment of market conditions in Libya. We also anticipate both parties to begin the first phase of this agreement within the week.”