Convention between BNDE-Senegal and SID

The National Bank for Economic Development (BNDE) and the Islamic Society for Private Sector Development (SID), a subsidiary of the Islamic Development Bank Group (IDB), proceeded this Friday, April 05, 2019 in Marrakech, Morocco, to the signing of a financing agreement in the amount of 08 (eight) million euros. This agreement was signed on the margins of the IDB’s annual days.

The Islamic Society for Private Sector Development (SID) is a multilateral development finance institution, a subsidiary of the Islamic Development Bank Group (IDB) whose main mission is to support the economic development of its member countries by providing financing and investment to private sector entities (in accordance with Shariah principles), advisory services and technical assistance to private institutions and governments to encourage, create, expand and modernize private companies.

It is in this context that the SID has granted a credit line of 8 (eight) million euros to the BNDE for the financing of projects related to the acquisition of goods and equipment of SME – PMI Senegal.

This line of credit will enable BNDE to better support its core SME / SMI target by strengthening their activities. In 05 years of operation, BNDE has strengthened its knowledge of Senegalese SMEs and has adapted its strategy according to their needs and changes in the market. Thanks to this dynamic, the Bank’s financing has impacted more than 1,800 SMEs in Senegal’s 10 regions and has enabled the creation and consolidation of more than 8,000 jobs.

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