Posts Tagged ‘OIC)’

MicrofinanceFocus, July 22, 2009: The Islamic Solidarity Fund for Development (ISFD), an affiliate of the Islamic Development Bank (IDB), has approved two microfinance projects, one each in Kyrgyz Republic and Tajikistan worth $15 million, said a statement by the bank. The approval came following the meeting of the board of directors of the ISFD at the IDB headquarters in Jeddah on Tuesday.   The ISFD was established after the Makkah Extraordinary Islamic Summit in 2005. The fund seeks to mobilize resources worth US$ 10 billion to combat poverty in the OIC (Organisation of Islamic Conference) member countries. Following the approval by ISFD, the project in Kyrgyz Republic will get a concessional loan for US$ 5 million to finance micro enterprises through local partners in rural areas. The duration of the loan is 10 years including a grace period of three years. A technical assistance grant of US$ 300,000 shall be provided for the project. Full story