SEAF signs MOU with Islamic Corporation for the Development of the Private Sector as first step in entering a joint venture based on sharia finance
Washington, DC, USA – Small Enterprise Assistance Funds (“SEAF”) has signed an MOU with Islamic Corporation for the Development of the Private Sector (“ICD”) as the first step in entering into a joint strategic collaboration to promote and foster the development of small and medium sized enterprises (“SMEs”) through the investment of sharia compliant risk capital and financing.
The parties will undertake efforts in the establishment of country-focused investment vehicles with the aim of supporting and investing in SMEs in emerging and frontier markets in common countries of interest (“CCI”). The establishment of the funds and their relationship with the Parties will be considered on the basis of the following main principles: The funds will mainly focus on providing development and expansion capital to established SMEs with high-growth potential in their respective markets; the funds will be structured to make value-accretive and commercially viable investments in the SME sector in the CCI using various instruments including equity, quasi-equity, term finance and other financing products; and, all investments will conform to SEAF and ICD investment policies and guidelines.
For more information on the MOU, check out CPI Financials article here.
For the full press release, please click here.