UK partners with Islamic Development Bank

,
UK partners with Islamic Development Bank

UK partners with Islamic Development Bank

(Jeddah) – The UK Department for International Development (DFID) and the Islamic Development Bank (IDB) have signed a new Memorandum of Understanding to help boost business opportunities and create jobs for thousands of women across the Middle East and North Africa.
UK International Development Minister, Desmond Swayne, met Dr Ahmad Mohamed Ali Al-Madani, President of the IDB, to sign the agreement and to discuss opportunities for continued co-operation in the region.
The Arab Women’s Enterprise Fund will see the IDB and the Department for International Development working together to improve the competitiveness of women entrepreneurs in the Arab world. It will also address legal and cultural barriers that block women getting ahead in business.
DFID will contribute GBP 10 million to provide grants to help poor women access markets, which could include support to grow or start up businesses or to develop new products. IDB will match this with a further GBP10 million in Sharia-compliant Islamic finance.
(Courtesy WAM)