ICD provides US$50 million financing to ALAFCO

Islamic Corporation for the Development of the Private Sector (ICD) and ALAFCO Aviation Lease and Finance Company have signed a four-year syndicated secured financing agreement for US$75 million with a US$50 million participation from ICD making it the lead financier in the transaction. While the aviation sector plays a crucial role in global connectivity and mobility as well as economic growth, it has been one of the hardest hit sectors during the pandemic. ICD states that its financing will strengthen the operations of ALAFCO and help it to be well prepared as economic activities and travel picks up. This transaction