The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group, and Indonesia Eximbank have signed a Letter of Intent (LOI) to explore a potential USD 30 million Line of Finance (LoF) facility. The proposed facility, to be extended by ICD to Indonesia Eximbank, marks an important milestone in strengthening collaboration between both institutions to promote Shariah-compliant financing and support Indonesia’s financial sector.
The facility is intended to be utilized by Indonesia Eximbank to finance eligible private sector enterprises that demonstrate strong development impact. A particular focus will be placed on supporting Small and Medium Enterprises (SMEs) and large corporations with the potential to boost national export performance and expand Indonesia’s export-oriented halal industries. Through this initiative, both institutions aim to contribute to Indonesia’s economic growth and national development objectives.
Following the signing of the LOI, Mohammad Asheque Moyeed, Acting Director of the Banking Department at ICD, emphasized the strategic importance of the collaboration. He noted that the proposed Line of Finance facility is more than just a funding mechanism—it represents a landmark Shariah-compliant transaction designed to improve access to capital and create new opportunities for private sector growth and development in Indonesia. He added that the initiative seeks to attract greater participation from investors and financiers in ICD’s member countries and international markets, reinforcing ICD’s commitment to expanding and diversifying Islamic finance globally.
Indonesia Eximbank expressed appreciation for ICD’s proactive engagement and reaffirmed its commitment to channel the proposed facility effectively toward eligible businesses. The bank emphasized that this collaboration will unlock new opportunities for Indonesian enterprises and strengthen the development of export-oriented halal businesses, supporting the broader growth of the Islamic finance industry in Indonesia.
Anwar Harsono, Managing Director of Finance, Operations, and Information Technology at Indonesia Eximbank, highlighted that this cooperation reflects a shared vision to strengthen Indonesia’s export sector and increase SME access to financing. He stated that the facility will play a crucial role in supporting the development of halal industries and further enhance Indonesia Eximbank’s role as the Special Mission Vehicle of the Ministry of Finance in promoting national businesses and halal products in the international market.
ICD has a proven track record of providing Line of Finance facilities to financial institutions across its 56 member countries. This partnership with Indonesia Eximbank represents a strategic step in expanding ICD’s footprint within the ASEAN region while promoting inclusive, sustainable, and Shariah-compliant private sector growth.
About the Islamic Corporation for the Development of the Private Sector (ICD)
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution that supports the economic growth of its member countries. As part of the Islamic Development Bank (IsDB) Group, ICD has an authorized capital of USD 4 billion, with shareholders including the IsDB, 56 member countries, and five public financial institutions. Its mission is to promote private sector development by financing and supporting enterprises that contribute to economic diversification, entrepreneurship, and cross-border investment. ICD is currently rated ‘A2’ by Moody’s, ‘A+’ by Fitch, and ‘A’ by S&P. More information can be found at https://ICD-PS.org/.
About Indonesia Eximbank
Indonesia Eximbank, established under Law No. 2/2009, is a financial institution wholly owned by the Government of the Republic of Indonesia. The institution’s primary mandate is to enhance national export growth and support exporters in expanding their business capacity. Committed to positioning Indonesian exporters as globally respected players, Indonesia Eximbank provides world-class financial services and solutions to strengthen the country’s export competitiveness. Visit www.IndonesiaEximbank.go.id for more information.
Media Contacts
Islamic Corporation for the Development of the Private Sector (ICD)
Nabil Al-Alami, Manager, Communication & Corporate Marketing
Email: nalami@isdb.org
Indonesia Eximbank
Corporate Secretary – Indonesia Eximbank
Tel: (021) 39503600
Email: corpsec@indonesiaeximbank.go.id