IsDB Supports Private Sector Development In Member Countries
By Marian Tina Conteh
The other IsDB Group entities, the Islamic Corporation for the Development of the Private Sector, have also approved US$663 million to support the growth of the private sector in member countries and enhance its role in economic and social development.
The 13th Private Sector Forum was convened on the sidelines of the Group’s annual meetings, under the high patronage of His Excellency President Abdelmadjid Tebboune, President of the People’s Democratic Republic of Algeria.
The forum highlighted the IsDB Group’s activities and initiatives to empower member countries’ public and private sectors. The discussions focused on prevailing opportunities and challenges facing the business sector and highlighted the Group’s suite of financing instruments, including lines of financing, private sector financing, trade development support, investment insurance, and export credit facilities, among others.
Dr. Khalid Yousif Khalafalla, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), stated that the Private Sector Forum “Witnessed a distinguished cohort of partners from both public and private sectors. Sustainability and development constitute the core focus of our mission, as we strive to unify the efforts of our private sector partners and other financing agencies to bridge the sustainable financing gap, provide co-financing opportunities, and develop innovative solutions to address sustainable development challenges.”
He said they are proud of their role in private sector development by providing effective financing solutions to financial institutions and large corporations and facilitating access to suitable financing for small and medium enterprises. ”We also continue to finance infrastructure projects that enhance development impact, encourage cross-border investment, support member countries’ exports, and create new job opportunities,” he added.
Dr. Khalid Yousif Khalafalla stressed, “Since its inception and until 2024, the ICIEC provided cumulative insurance coverage exceeding 121 billion USD, including 96 billion USD to support trade flows and more than 25 billion USD to facilitate foreign investments.’
Leveraging a robust global reinsurance network, the Corporation has mobilised a cumulative reinsurance capacity of 69 billion USD from the private reinsurance market. The Corporation continues to drive significant development impact across member countries through more than 65,000 transactions in vital sectors, including agriculture, renewable energy, infrastructure, manufacturing, and healthcare.
About the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
Established in 1994, ICIEC seeks to strengthen economic relations and stimulate trade and investment among OIC member countries through the provision of risk mitigation instruments and financial solutions. It remains the world’s only multilateral insurer operating in compliance with Islamic Sharia.
ICIEC currently serves 50 countries and has maintained its “Aa3” insurance credit rating from Moody’s for 17 consecutive years – the among credit and political risk insurers. It also received a first-time long-term credit rating of AA- from Standard & Poor’s with a stable outlook. The Corporation’s resilience is underpinned by sound underwriting, reinsurance and risk management practices. To date, ICIEC has cumulatively insured over 121 billion USD in trade and investment across key sectors, including energy, manufacturing, infrastructure, healthcare, and agriculture.
The ICD is a multilateral financial institution with an authorized capital is 4 billion USD, of which 2 billion USD is available for subscription. Its shareholders comprise the Islamic Development Bank, 56 member countries, and five public financial institutions.
Since its inception in 1999, the Corporation has played a pivotal role in fostering inclusive and sustainable growth through Shariah-compliant financing, cross-border investments, and vital infrastructure development. ICD has contributed significantly to enhancing the economic landscape of its member countries.
