The Islamic Corporation for the Development of the Private Sector of the Islamic Development Bank is looking to provide financing and credit facilities, including sukuk, for major Saudi projects such as NEOM, the Red Sea and others during the coming period, according to what Ayman announced. My prisoner is the CEO of the Foundation.
According to Arabiya Net, he added that the search is currently underway for the best way to be one of the providers of financing and facilities, and perhaps issue sukuk in the future.
Sajini explained that the Saudi government is the largest supporter of the Islamic Corporation for the Development of the Private Sector, as it is the country of the headquarters, indicating that the Corporation established, in partnership with the Public Investment Fund, a company Bidaya Real Estate Finance, which is one of the largest privately owned real estate finance companies in the Kingdom, according to Asharq Al-Awsat newspaper.
The CEO indicated that the foundation's credits rose to $3.6 million during 2020, an increase of 147.5% over 2019, noting that it supported and maintained more than 41 thousand Small and medium business in member states during the Corona pandemic.
Sijini affirmed that the Islamic Corporation for the Development of the Private Sector responded to the crisis by developing and implementing the COVID-19 action plan for the period 2023-2021, focusing mainly on increasing its development effectiveness. Referring to the Corporation's dealings with a network of banks consisting of 119 banks in the member states, as these banks give a financing line through which small and medium-sized companies are financed.
Sajini pointed out that the financing line provided by the Corporation to these banks exceeds 1.5 billion dollars, but the method of financing and the introduction of these amounts in the banks doubles from three to four times sometimes.
Sijini explained that the foundation aims in the future to help member states faster, and to double the amounts of funding provided to them. He said: If one of the member states needs financing in solar energy and the possibility of financing it is only 50 million dollars, we can through the sukuk issue one billion dollars, and even the 50 million dollars is part of the financing of the sukuk, and therefore we have maximized the financing 20 times, and this is one of the most important plans that we are working on. on it.
