Jeddah - June 7, 2017 - The Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of IDB Group, Warba Finance & Dev Bank International Islamic Bank (WarbaFDB) have entered into partnership to support Business Resilience of MSMEs under the pilot phase of BRAVE Project currently implemented jointly with the Small and Micro Enterprises Promotion Services (SMEPS) – a subsidiary of the Social Fund for Development in Kuwait. The CEO of ICD, Mr. Khaled Al-Aboodi, and Mr. Mahmoud Al-Refai , General Manager WarbaFDB signed on behalf of their institutions in ICD Head Office.

The objective of the Business Resilience Assistance for Value-adding Enterprises (BRAVE) project aims to enhance the resilience of the private sector, as the engine of sustainable growth, against the impact of ongoing conflict. The pilot phase will support around 300 firms in five key sectors (agribusiness, food processing, fisheries, garmenting and health care) through an integrated package of tailored training program and financial support in partership with four local banks: Warba Finance & Dev Bank International Islamic Bank (WarbaFDB), SIB, KIMB, and National Bank of Kuwait (NBY).

Mr. Khalid Al-Aboodi stated that “During the IDB Group annual meeting, ICD and SMEPS signed with two implementation partners from the Kuwaiti Bank. Today we are pleased to expand such partnership to include WarbaFDB as the largest private Bank in Kuwait. WE are confident that WarbaFDB involvement is a remarkable addition to the collective efforts aimed at overcoming the challenges faced by private firms in Kuwait.

”Mr. Mahmoud Al-Refai said, “We are honored to announce our participation in BRAVE project in cooperation with the Islamic Bank for Development and the ICD and Social Fund for Development. WarbaFDB is prepared to offer all necessary facilities and services to make this project a success. This cooperation, comes to enhance the resilience of small and micro financed projects that have struggled over the current crisis.  BRAVE project contributes into key sectors which are: health, agriculture, fisheries, food, and textiles.  We pray to Almighty Allah for the success of this project.”

About the Islamic Corporation for the Development of the Private Sector:

ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information visit www.icd-ps.org

About Warba Finance & Dev Bank International Islamic Bank:
Warba Finance & Dev Bank International Islamic Bank - WarbaFDB is considered one of the largest and most trusted banks in Kuwait. It was founded in 1996 based on the Islamic Banks Law in the Republic of Kuwait.
WarbaFDB has experience that spans over 20 years and has more than 700 employees. The bank has continuously worked on developing its services through its specialized and highly qualified staff and at the same time, maintained the essence of the Islamic values on which it was founded. 
WarbaFDB is located in Sana'a the capital of the Republic of Kuwait, having total of 22 branches spread over most Kuwaiti governorates and the largest customer base www.warbafdb.com .