New strategic partnership in the Arab States region to enhance access to green finance for small and medium-sized enterprises
The United Nations Development Programme (UNDP), has signed a Joint Statement of Intent with the Islamic Corporation for the Development of the Private Sector (ICD) ( https://ICD-PS.org ) and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) —both members of the Islamic Development Bank (IsDB) Group—introducing a new blended finance structure that leverages credit insurance to catalyze private investment in climate-smart sectors. This partnership will unlock capital for green small and medium-sized enterprises (SMEs) and support national efforts to achieve climate and sustainable development goals across the Arab States region. It will support financing across a broad range of sustainability-related areas, including climate change mitigation and energy transition, climate adaptation and resilience, sustainable water usage and governance, circular economy and management, sustainable agriculture and food systems and other green finance sectors. “Across our region, SMEs are the backbone of economies and helping them grow and innovate is critical to strengthening economic resilience and climate ambition,” said Abdallah Al Dardari, UN Assistant Secretary General and Director of UNDP’s Regional Bureau for Arab States. “Through this new partnership we will work closely with regional financial institutions to expand SMEs access to green finance, to accelerate inclusive, climate-resilient development in line with UNDP’s flagship Green Finance Platform.” In countries benefiting from the new partnership, ICD will provide financing facilities to partner banks and financial institutions while ICIEC will offer comprehensive credit insurance and risk-sharing solutions to encourage financial institutions to expand financing to green sectors, in addition to leveraging reinsurance partnerships to enhance the facility’s capacity and long-term sustainability. "By uniting ICIEC's risk mitigation, ICD's financing, and UNDP's development network, we are creating a scalable engine for green private sector growth,” stressed Mohammad Asheque Moyeed, Acting Director, Banking Department at ICD. “This partnership is our shared commitment to building a more inclusive and sustainable future for SMEs across our member countries." "Our role in this partnership is to unlock capital for the SMEs driving a greener, more diversified economy,” explained Yasser Alaki, Director of Business Development, ICIEC. “Through our credit insurance solutions, ICIEC provides the essential risk assurance that enables financial institutions to confidently channel financing toward this vital growth sector." Serving as a convener of the partnership, UNDP will facilitate linkages between financial institutions and SMEs engaged in its programmes and will coordinate joint efforts to mobilize resources to lower the cost of risk-sharing mechanisms. Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD). Media Contacts: Islamic Corporation for the Development of the Private Sector (ICD) Nabil Al-Alami Manager, Communication&Corporate Marketing Email: nalami@isdb.org United Nations Development Programme (UNDP) Ahmed Bazzoum | Communications Analyst Email: ahmed.bazzoum@undp.org Follow UNDP at: @UNDP ( https://apo-opa.co/3QFj0qu ) Follow ICIEC on: X: http://apo-opa.co/4eE75mP Facebook: https://apo-opa.co/3QUV2Ym LinkedIn: http://apo-opa.co/4ct7Y05 YouTube: http://apo-opa.co/4cMsqId Instagram: https://apo-opa.co/4vNHFJG About the Islamic Corporation for the Development of the Private Sector (ICD): The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution that supports the economic development of its member countries. ICD is a member of the Islamic Development Bank (IsDB) Group with an authorized capital of $4 billion, ICD’s shareholders include the IsDB, 56 member countries, and five public financial institutions. ICD’s mandate is to provide financing for private sector projects in member countries, promote competition and entrepreneurship, and encourage cross border investments. ICD focuses on financing projects that contribute to economic development, including job creation, the development of Islamic finance, and export growth. ICD is rated ‘A2’ by Moody’s, ‘A+’ by Fitch, and ‘A’ by S&P. For More Information, visit: https://ICD-PS.org About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): As a member of the Islamic Development Bank (IsDB) Group, ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investment by providing credit enhancement and risk mitigation solutions. The Corporation is the only Islamic multilateral insurer in the world and has been at the forefront of delivering a comprehensive suite of de-risking solutions to support cross-border trade and investment for its 50 Member States. ICIEC has maintained its "Aa3" rating with a stable outlook from Moody's for 18 consecutive years, positioning the Corporation among the leaders in the Credit and Political Risk Insurance (CPRI) industry. Additionally, S&P has reaffirmed ICIEC’s “AA-” rating for the second year with a stable outlook. ICIEC's resilience is underpinned by its sound underwriting practices, global reinsurance network, and strong risk management framework. Since inception, ICIEC has cumulatively insured over USD 139 billion in trade and investment, supporting key sectors such as energy, manufacturing, infrastructure, healthcare, and agriculture in its member states. Visit: http://ICIEC.IsDB.org About UNDP: UNDP is the leading United Nations organization fighting to end the injustice of poverty, inequality, and climate change. Working with our broad network of experts and partners in 170 countries, we help nations to build integrated, lasting solutions for people and planet. Learn more at www.UNDP.org
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