The Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD) has extended a combined $50 million in financing to three Nigerian lenders, aiming to help channel funds to local businesses.

The ICD, the private sector arm of the Islamic Development Bank, has in recent years sought to expand its activities across Africa, home to a quarter of the world’s Muslims.

The multilateral body said it had signed financing agreements with 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.

The ICD has previously extended financing of $120 million for Nigerian businesses, while advising several African governments on their plans to issue Islamic bonds, including Senegal, Nigeria and the Ivory Coast. (Reuters)