The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank (IsDB) Group, has successfully disbursed a USD 30 Million (Shs 103.9 billion) financing facility to Uganda Development Bank Limited (UDBL) in Uganda.
This strategic facility marks ICD’s first Line of Finance transaction in Uganda and the broader East Africa region, representing a significant milestone in its efforts to support private sector development across its member countries in Sub Saharan Africa.
ICD’s funding, structured under a long-term Commodity Murabaha, is expected to empower local Small and Medium Enterprises (SMEs) by enabling access to medium- and long-term resources for productive investments.
Uganda’s agribusiness, education, investment in fixed assets (including land, building, machinery, equipment) manufacturing, and healthcare sectors are set to receive a major financial boost with this disbursement, driving tangible progress in economic growth, job creation, and sustainable development
This landmark transaction paves the way for future collaborations between ICD and local financial institutions in Uganda, reinforcing ICD’s commitment to fostering inclusive and resilient private sector ecosystems in its member countries.
