The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is part of the Islamic Development Bank (IsDB) Group.
ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies and encouraging cross-border investments.
ICD has an authorized capital of $4 billion. Currently, the shareholders of ICD are the IsDB, 55 member countries, and 5 public financial institutions.
ICD Mandate and Objectives
ICD has set out its long-term strategic ambition in its 10-Year Strategy that builds on Five strategic pillars:
Focus core offerings in financial institutions (FIs)
Implement innovativeproducts and services
Grow in a financially sustainable way
Serve member countries based on their development needs
Deepen collaboration within IsDB group, FIs and partners
ICD selects new projects based on their contribution to economic development of its member countries considering factors such as job creation, Islamic finance development and overall contribution to SDGs. ICD also provides advisory solutions to governments and private sector entities to encourage the establishment, expansion and modernization of enterprises, development of capital markets, best management practices and to enhance the role of the market economy.
Going forward, ICD will also apply Fintech to make finance more efficient and inclusive for sustainable development. Financial institutions in the ICD member countries will benefit the most from Fintech innovations using AI, robotics, blockchain, data analytics and cloud services. In addition, ICD will build on the platform which is centered on its rich network of Financial Institutions across the globe. Through them, the IsDB Group in general and ICD in particular, would leverage access to the member countries and avail financing opportunities to help them achieving their SDGs.