The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group, has signed a €25 million Shariah-compliant line of financing with Coris Bank International Benin (CBI Benin) to boost private sector growth in the West African country.
The four-year financing facility is aimed at improving access to capital for private sector enterprises in Benin, with a particular focus on small and medium-sized enterprises (SMEs) as well as selected large corporate clients.
According to ICD, the facility will allow CBI Benin to expand its Shariah-compliant financing offerings to businesses across key sectors of the economy, supporting Benin’s efforts to diversify its economic base and strengthen private sector participation.
The programme is expected to support a portfolio of seven SMEs and one corporate entity, while creating an estimated 600 new jobs and sustaining 13 existing positions.
The agreement builds on ICD’s long-standing partnership with Coris Holding, which operates across several West African markets. Previous collaborations have included the establishment of Islamic banking windows and similar financing facilities in countries such as Burkina Faso, Côte d’Ivoire, Mali, Senegal and Togo.
ICD said the initiative aligns with several United Nations Sustainable Development Goals, including gender equality, decent work and economic growth, industry and innovation, and partnerships for development. By expanding access to Shariah-compliant financing, the two institutions aim to strengthen economic resilience and promote sustainable employment in Benin.
The facility was signed in Jeddah, Saudi Arabia, on January 8, 2026.
