Saudi Arabia’s ICD invest $50 million in Wema, SunTrust, Jaiz Bank

ICD

Saudi’s Arabia’s Islamic Corporation for the Development of the Private Sector (ICD), said it has invested about $50 million in three Nigerian lenders.

According to the ICD, the investment will be used by Wema Bank, SunTrust Bank, Jaiz Bank to ramp up their Islamic banking offerings.

Reuters News reported that based on the financing agreement, the funds were shared such that Jaiz Bank, SunTrust Bank and Wema Bank worth $20 million, $10 million and $20 million respectively.

The funds would be extended to small- and medium-sized businesses in sectors including health, technology, manufacturing and agriculture, the ICD said.