ICD and Golden Global Investment Bank Enter Landmark Agreement for USD 20 Million Commodity Murabaha Facility in TÈ­rkiye

The Islamic Corporation for the Development of the Private Sector (ICD) and Golden Global Investment Bank have signed a significant agreement to provide a USD 20 million Commodity Murabaha Facility to support private sector projects in TÈ­rkiye. This facility, aimed at bolstering economic growth, will focus on small and medium-sized enterprises (SMEs) and corporates operating in the agriculture, ship construction, and leasing sectors. The partnership reflects ICD's commitment to fostering private sector development within its member countries. The facility will enable Golden Global Investment Bank to fund private sector projects, particularly in the agriculture and ship construction sectors, which will contribute to TÈ­rkiye's economic development.

Key Takeaways:

• The agreement aims to support private sector projects in TÈ­rkiye, with a focus on SMEs and corporates in the agriculture, ship construction, and leasing sectors.
• The USD 20 million Commodity Murabaha Facility is designed to provide essential resources for business growth and development in TÈ­rkiye.
• The agreement supports ICD's Private Sector Channel Development Strategy and underscores the critical role of private sector financing in economic development.
• The initiative will help bridge funding gaps for SMEs and corporate clients, driving innovation and fostering a more robust and diverse economy.
• Golden Global Investment Bank was established in 2019 and operates in accordance with the principles of interest-free finance (Sharia-compliant financing).
• ICD is a member of the Islamic Development Bank (IsDB) Group and focuses on supporting economic development and private sector growth in its member countries.

Statistics:

• USD 20 million: The funding amount provided by the Commodity Murabaha Facility.
• SMEs and Corporates: The targeted sectors for the private sector support.
• 15 October 2019: The date Golden Global Investment Bank was established.
• 29 May 2019: The date Golden Global Investment Bank received permission from the Banking Regulation and Supervision Agency.
• 1 June 2020: The date Golden Global Investment Bank started its activities.
• A- by S&P, A+ by Fitch, and A2 by Moody's: ICD's credit ratings from international credit agencies.

Sources:

• The Islamic Corporation for the Development of the Private Sector (ICD)
• APO Group
• Golden Global Investment Bank
• Islamic Development Bank (IsDB) Group
• Moody's
• Fitch
• S&P