EBRD, IDB unit to launch SME Fund for Egypt, Morocco, Jordan, Tunisia

The European Bank for Reconstruction and Development (EBRD) and the private sector arm of the Islamic Development Bank will launch this year a new fund to support small and medium-sized businesses in Egypt, Morocco, Jordan, and Tunisia.

Eren Kelekci – Head of Asset Management of Islamic Corporation for the Development of the Private Sector (ICD)- told Amwal Al Ghad that the fund would be initially launched within the current year.

IDB’s private sector arm is also targeting the launch of new initiatives aiming to help develop small and medium-sized enterprises in East Africa and Turkey, Kelekci noted.

Established in 1999, the ICD supports the economic development of its 51 member countries by financing private sector projects which follow Islamic principles.