ICD Disburses €15M to CCA-Bank to Boost SMEs and Islamic Finance in Cameroon

The ICD's strategic investment underscores a broader commitment to empowering local businesses by facilitating access to essential medium- and long-term financing.

The Islamic Corporation for the Development of the Private Sector (ICD), a private sector arm of the Islamic Development Bank (IsDB) Group, has successfully disbursed a €15 million financing facility to Crédit Communautaire d’Afrique (CCA-Bank) in Cameroon. This major financing milestone represents a crucial step toward the development of the private sector in Central Africa, particularly focusing on supporting Small and Medium Enterprises (SMEs), enhancing Islamic finance offerings, and driving inclusive economic growth in the region.

Strengthening the SME Ecosystem

The ICD's strategic investment underscores a broader commitment to empowering local businesses by facilitating access to essential medium- and long-term financing. SMEs, often referred to as the backbone of emerging economies, are set to benefit significantly from this initiative. The funding aims to bridge critical financial gaps and stimulate investment in key sectors including:

• Agribusiness: Promoting food security, improving agricultural productivity, and supporting agro-processing ventures.

• Transportation: Enhancing regional mobility and logistics, crucial for trade and economic integration.

• Healthcare: Improving healthcare infrastructure and accessibility, especially in underserved areas.

These sectors were deliberately selected for their high potential to generate employment opportunities and contribute to sustainable development outcomes.

Advancing Sharia-Compliant Financial Services

In addition to SME support, the facility is also geared toward expanding CCA-Bank’s Islamic finance operations through its Islamic Window. With the growing demand for Sharia-compliant financial products in Cameroon and the broader Central African region, this move aligns with national strategies to diversify the financial ecosystem.

CCA-Bank has been making strides in establishing itself as a pioneer in Islamic finance within the region. The €15 million facility will reinforce its operational capacity, enable it to innovate and expand its product offerings, and reach a broader base of clients interested in ethical and faith-based financing options.

Regional Development and Economic Impact

The ICD’s intervention comes at a time when access to finance remains a persistent challenge for African entrepreneurs. By targeting SMEs—especially those operating in high-impact sectors—this facility is expected to stimulate inclusive economic development and promote financial inclusion.

Importantly, the initiative also aligns with the United Nations Sustainable Development Goals (SDGs), particularly SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation and Infrastructure), and SDG 17 (Partnerships for the Goals). It demonstrates how international financial institutions can collaborate with local banks to drive grassroots economic transformation.

Strategic Vision for the Future

Khaled Al-Aboodi, CEO of ICD, has previously emphasized the organization's dedication to supporting private sector development in member countries through innovative financial solutions. This financing facility reflects that commitment, combining development objectives with strategic financial partnerships.

The collaboration between ICD and CCA-Bank sets a promising precedent for future engagements aimed at catalyzing financial innovation and inclusive growth across Africa. It is anticipated that this partnership will unlock new economic opportunities and position CCA-Bank as a regional leader in hybrid banking solutions that blend conventional and Islamic finance.