Tunis (23 November 2012) - Taking the initiative by creating an integrated solution to the problems of financing for Small and Medium Enterprises (SMEs), the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group, this week entered into an agreement with Tunisia’s deposits and consignment fund (Caisse des Dépôts et Consignations, CDC), a Tunisian public institution with a capital of around US$ 2.33 billion, to launch the largest
Shari’ah-compliant SME fund known as THEEMAR Investment Fund in the country with an outlay of US$30 million regulated by Tunisia’s financial market board (Conseil du Marché Financier, CMF). The fund is expected to provide additional growth capital to the SMEs, thereby, helping them contribute to economic development and additional employment opportunities within the Tunisian economy. It is worth noting that the SME sector is considered the backbone of the Tunisian economy.

On the occasion, Jamel Belhaj, CDC General Director, said that with their shared mission, CDC looks forward to enhancing cooperation with the ICD through this innovative product especially tailored for Tunisia. On his part, ICD Chief Executive Officer Khalid Al Aboodi expressed happiness in contributing towards the economic development of a member country through this dedicated equity product.

The THEEMAR Fund is being launched with the additional support of KIPCO Group, a major holding company in the Middle East and North Africa, the Al Baraka Bank Tunisia and the United Gulf Financial Services – North Africa. It also benefits from the support of the International Islamic Trade Finance Corporation (ITFC), another member institution within the IDB Group,

THEEMAR is expected to address most financing issues that face SMEs from equity to technical assistance through direct and mezzanine investments utilizing Islamic modes of financing. By concentrating on growth capital for relatively new businesses, the Fund is likely to reduce volatility normally characterized with SMEs.