Jeddah, Sunday, May 14, 2017: The Islamic Solidarity Fund for Development (ISFD) will provide funding for micro enterprises in COMESAcountries that are members of the Islamic Development Bank. This will be done once the ISFD receives a request from COMESA.
The agreement was reached during a meeting between the Secretary General of COMESA Sindiso Ngwenya and the Director General of the ISFD Dr Waleed Al-Wohaib. The meeting took place in Jeddah, Saudi Arabia.
The two agreed on areas of strategic cooperation which COMESA will lead in bringing together national development banks, sovereign wealth funds and multilateral development banks in the Gulf Cooperation Council Countries. These will be used to fund the COMESA regional programs and projects to realize economic transformation.
As part of the strategic collaboration, regional and international multilateral development banks, namely the Trade and Development Bank (formerly PTA Bank) , African Development Bank and World Bank among others will be invited join the initiative.
"Development partners from Europe, North America, Latin America, Asia and China will also be part of this ground breaking initiative to be coordinated by COMESA," the Secretary General said.
The ISFD is a member of the Islamic Development Bank.