ICD signs $18m LoF deal with Coris Bank of Burkina Faso

ICD signs $18m LoF deal with Coris Bank of Burkina Faso
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Updated 09 December 2020

ICD signs $18m LoF deal with Coris Bank of Burkina Faso

ICD signs $18m LoF deal with Coris Bank of Burkina Faso

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDBG), and Coris Bank International (CBI) — Burkina Faso, a member of the Coris Burkina Bank Group, have entered into an agreement to finance private sector enterprises in Faso, affected by the pandemic.

Ayman Amin Sejiny, CEO of ICD, and Diakarya Ouattara, managing director of CBI — Burkina Faso, signed the line of financing (LoF) agreement for €15 million ($18 million) under the commodity Murabaha financing structure dedicated to the Islamic window of the bank.

“The line of financing facility will be utilized by CBI — Burkina Faso to support economic activities of eligible private sector businesses that have been affected by the COVID-19 outbreak. This facility is part of ICD’s $250 million support package to assist member countries recovering from the COVID-19 pandemic,” said Sejiny.

Ouattara praised the quality of the partnership between the two institutions and recalled that in 2016, the bank benefited from the first line for an amount of €17 million over a four-year maturity period. He said it has enabled them to support several small-medium enterprises (SMEs)/small-medium industries through the financing of projects in various vital sectors such as health, education, agriculture, agro-food industry and transport. Ouattara also thanked ICD for extending the facility in these difficult times where banks need liquidity to support their affected clients, especially SMEs.

Coris Bank Group is an existing client of ICD and this LoF facility is the third one provided by ICD to the group; the other two include LoF facilities extended to CBI Burkina Faso and CBI Mali for €17 million in 2016 and €6 million in 2018, respectively.

Since its inception and as a testament to ICD’s commitment to developing the private sector within its member countries, ICD has extended LoF facilities to several financial institutions present in Sub-Saharan Africa for the development of the private sector, including SMEs.


LuLu hosts ‘India Fest’ across hypermarkets in KSA

LuLu hosts ‘India Fest’ across hypermarkets in KSA
Updated 26 January 2021

LuLu hosts ‘India Fest’ across hypermarkets in KSA

LuLu hosts ‘India Fest’ across hypermarkets in KSA

Regional retailer LuLu is hosting a Kingdom-wide “India Fest” to mark the 72nd Republic Day of India on Jan. 26. LuLu is offering a wide range of food and spices, authentic dishes, and ethnic clothing to celebrate the event along with the Kingdom’s Indian expatriate community. The festival runs until Jan. 27. 

LuLu kicked off the festival in a launch event, inaugurated by Dr. Ausaf Sayeed, Indian ambassador to Saudi Arabia, in the presence of Shehim Mohammed, director of LuLu Hypermarkets Saudi Arabia, government officials, and other dignitaries, at LuLu’s Murabba branch in Riyadh Avenue Mall. In Jeddah, the festival was Inaugurated by Y. Sabir, acting consul general of India, Jeddah. 

Considering the COVID-19 situation, LuLu scaled down the launch event to include a smaller pool of performances and limited guest capacity and with strict observation of social distancing practices. 

Ambassador Sayeed said: “Food security is an important dimension of the bilateral relations between India and Saudi Arabia. Even during the peak of COVID-19, the supply chains have been maintained between both countries. In this context, LuLu Group has played a very positive role in making available all Indian products, including rice, fruits and vegetables, to the Kingdom during this period. I am very pleased to note that LuLu Group is opening new outlets in different parts of the Kingdom, which is an indication of its popularity among the local population.” 

For the Indian festival, LuLu has flown in more than 7,000 products in different categories, from fresh fruits and vegetables to meat, and traditional wear like sarees and churidars. Moreover, LuLu is offering a range of freshly prepared hot foods, from biryanis to curries, popular street foods, traditional sweets, and many more delicacies.

Mohammed said: “We have always taken pride in showcasing the beauty and diversity of Indian culture through a festival like this. LuLu imports goods worth SR200 million ($53.3 million) through its offices across India every year. This is our humble tribute to the glorious tradition, food and offerings of India, which have been widely popular among the Kingdom’s population comprising more than 200 nationalities. This is also our initiative to bind together all communities for a common interest, which is through food, fashion, film and tourism.” 

LuLu, which has its own food processing plants and sourcing offices in India, has exerted massive efforts to introduce a new range of products, featuring organic, low-fat, gluten-free and many more diet-based food options in store that are popular with health-conscious shoppers.