The African Export-Import Bank (Afreximbank) raised around USD 260 mn through three sharia-compliant facilities to support SMEs, Reuters reports. Afreximbank will use the funds to support SMEs across its member countries using sharia-compliant financing. USD 100 mn of the funding came from the Islamic Corp for the Development of the Private Sector (ICD). The International Islamic Trade Finance Corp (ITFC) provided two facilities worth USD 100 mn and EUR 50 mn to help finance exports among African countries. ICD and ITFC are part of the Saudi-based Islamic Development Bank group of companies, Reuters notes.

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