ANNUAL REPORT 2024: SILVER JUBILEE EDITION
As the Islamic Corporation for the Development of the Private Sector (ICD) celebrates its 25th anniversary, the 2024 Annual Report highlights the organization's transformative journey in driving economic development, fostering private sector growth, and championing sustainable solutions across our member countries. This special edition celebrates key achievements that have defined our path since inception in 1999.
Empowering Businesses, Inspiring the Future: The report provides a comprehensive overview of ICD's operations, business interventions, development impact, and financial analysis for the fiscal year 2024.
KEY HIGHLIGHTS
Since its inception in 1999, ICD has been at the forefront of fostering economic growth through private sector development in its Member Countries. The journey over the past 25 years has been marked by transformative partnerships, innovative financing solutions, and a steadfast commitment to sustainable development.
56
Member Countries
From 25 in 1999
$4B
Authorized Capital
From $1B in 1999
575+
Total Projects
Since inception
$5B+
Total Disbursements
Exceeding expectations
25 YEARS IN ACTION
Over the past quarter-century, ICD has achieved remarkable milestones, from pioneering Shari'ah compliant financing solutions to facilitating cross-border investments and supporting critical infrastructure projects that have collectively enhanced the economic landscapes of our member nations.
2024
Landmark sukuk issuance: Successfully returned to the international sukuk market after a four-year hiatus, issuing a benchmark five-year USD 500 million senior unsecured hybrid Wakala/Commodity Murabaha sukuk.
2020
In response to the COVID-19 outbreak, ICD swiftly earmarked USD 250 million in emergency funding to support private sector resilience in critical sectors across member countries.
2015
Establishment of the BRAVE Program to enhance the resilience of SMEs in fragile and conflict-affected regions by providing capacity building, matching grants, and value chain support.
1999
ICD's inception with an authorization capital of USD 1.0 billion and USD 0.5 billion shares available for subscription.
FEATURED INITIATIVES
ICD's Inaugural Line of Finance in Benin
A significant milestone through partnership with Banque Internationale pour l'Industrie et le Commerce (BIIC):
- Creating a strong demonstration effect in mobilizing Sharia-compliant financing solutions
- Set the stage for expanding ICD's LOF operations in the country
- Strategic partnership with a systemic bank re-established in 2020
Impact: Economic growth, sustainable development
Advancing Islamic Finance in Kazakhstan
Extended a Shari'ah compliant financing facility worth KZT 2.4 billion to Kazakhstan Ijara Company JSC (KIC):
- Supporting private sector businesses, particularly SMEs
- Secured KZT through an Islamic cross-currency swap
- Extended ICD's suite of local currency solutions for emerging markets
Impact: Financial inclusion, economic development
Supporting Infrastructure in Türkiye
Financed transformative projects that enhance connectivity and healthcare:
- Major motorway construction to enhance trade and economic growth
- Innovative hospital project under Public-Private Partnership structure
- Established model for future healthcare PPP projects
Impact: Infrastructure development, quality healthcare
Manufacturing Support in Jordan
USD 25 million facility to Babylife for Manufacturing of Hygiene Products (BBL):
- Establishment of Jordan's first carton recycling facility
- Creation of over 400 new jobs
- Promoting environmental sustainability through reduced water consumption and minimized wood usage
Impact: SDG 8, SDG 9, SDG 1
ANNUAL REPORT ARCHIVE
ICD FLAGSHIP REPORT
Development Effectiveness
Achieving development effectiveness is fundamental to ICD's purpose as a development finance institution. The Annual Development Effectiveness Report provides insights into how we monitor and measure our impact across member countries.
Annual Development Effectiveness Report 2024
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Explore ICD's 25-year journey in driving private sector development and creating meaningful impact
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