ICD collaborates with Agib on a $5 Million Line of Finance Facility

The Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of IDB Group, and Agib Bank Ltd have entered into a Joint Strategic Collaboration to finance private sector entities in The Gambia.

On behalf of the CEO of ICD, Mr Khaled Al Aboodi, Mr. Mohammed Alammari, Director of Internal Audit at ICD signed the financing agreements for the amount of USD5 million. with Mr. Muhammed Jah, Chairman of Agib Bank.

The Managing Director and CEO of Agib Bank Ltd, Mr Nuha Marenah, assured ICD of Agib Bank’s resolve to contribute to the socio-economic development of The Gambia

The collaboration will focus on developing private sector, supporting economy, strengthening the balance sheet of the Bank, improving the living standard of the population by creating jobs, generating tax revenues for the government and promoting Islamic Banking in the country.

Mr. Mohammed Alammari stated “We are pleased to extend the next line of financing facility to Agib Bank Ltd which will enhance the impact of socio-economic development and facilitate access to finance for Gambian businesses sector.”

Mr. Muhammed Jah said, “Agib Bank is committed to further strengthen its position in the banking sector as a reliable, modern credit institution, providing a wide range of banking services and support the private sector in Gambia. We are delighted about this partnership with ICD and Agib Bank Ltd. Through this partnership we aim to provide further support to enterprises in the country to achieve their highest potentials.”

The Managing Director and CEO of Agib Bank Ltd, Mr Nuha Marenah, assured ICD of Agib Bank’s resolve to contribute to the socio-economic development of The Gambia. He also said Agib bank has the capacity, both in terms of technology and human resources to manage the line of financing to the total satisfaction of all stakeholders.

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