$50 million Funds approved for developing SMEs

Jeddah, March 16, SPA -- The Islamic Corporation for Development of
the Private Sector (ICD), the private sector arm of Islamic
Development Bank, pledged $50 million funds for the development of
small and medium-sized enterprises (SMEs) during a dialogue session
with Indonesian private sector in Indonesia recently.


Khaled Al-Aboodi, CEO and general manager of ICD, attended the
dialogue and shared ICD’s commitment to further develop partnership
with the SMEs sector in the country, according to a press statement
published today.


“Islamic economic principles have been receiving a positive response
from private sectors under current financial circumstances,
especially those from non-Islamic countries such as Russia, France
and the US. As for Indonesia, the percentage of Islamic banking
assets is still small as compared to other markets such as Malaysia
and the Middle East,” Al-Aboodi said.

--SPA