The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution that supports the economic development of its member countries. Based in Jeddah, ICD is a part of the Islamic Development Bank (IsDB) Group and was established in November 1999. With an authorized capital of $4 billion, ICD’s shareholders include the IsDB, 55 Islamic countries, and five public financial institutions.
ICD’s mandate is to provide financing for private sector projects in member countries, promote competition and entrepreneurship, and encourage cross border investments. ICD also brings additional resources to projects, encouraging the development of Islamic finance, attracting co-financiers and enhancing the role of the market economy. ICD focuses on financing projects that contribute to economic development, including job creation, the development of Islamic finance, and export growth. Additionally, ICD works to foster sustainable economic growth by mobilizing capital in the international financial markets. ICD operates to complement the activities of the IsDB in member countries and also that of national financial institutions.