In line with its mandate to support private sector growth in its member countries, the ICD and the Azerbaijan Business Development Fund (ABDF) signed a framework agreement to launch a managed Shariah-compliant line of financing for SMEs during the opening ceremony of the IsDB Group 2026 Annual Meeting’s Private Sector Forum in Baku. Under this framework, the parties are to collaborate in deploying up to AZN 200 million within the next two years. The program introduces a local currency (AZN) financing channel by which ICD, acting as ABDF’s agent, will blend ABDF’s AZN funds with ICD’s USD, EUR, and AZN resources to support SMEs and private sector growth in Azerbaijan. Through this initiative, the ICD, acting on its own behalf and on behalf of ABDF, will provide either single or multi-currency line of financing facilities to selected partner financial institutions in Azerbaijan for on-ward financing of eligible companies in the country. This arrangement is expected to help mitigate foreign exchange risk that has long hindered the growth of  Azerbaijani SMEs, especially those operating outside major cities in the country.

In a further attempt to explore bankable financing opportunities in Azerbaijan and facilitate the realization of its mandate of supporting private sector development in its member countries, the ICD also signed a Memorandum of Understanding (MoU) with the State Oil Company of the Azerbaijan Republic (SOCAR), establishing strategic cooperation between the two institutions to collaborate in financing of infrastructure and energy projects in Azerbaijan and other member countries within existing public private partnership (PPP) frameworks. Under the Memorandum of Understanding, the parties will identify and evaluate financing opportunities for project companies established by SOCAR and its joint venture partners. Within this framework, ICD will provide financing solutions tailored to the specific requirements of the projects.

Further, the ICD signed a Mandate Letter with Azerconnect for a USD 20 million financing facility for capex financing and an Expression of Intent Letter for a USD 15 million Line of Financing Facility with Turan Bank for onward financing of SMEs and eligible companies in Azerbaijan.

In an effort to strengthen and deepen its operations in Nigeria, the ICD also signed a Mandate Letter with the Nigerian Export-Import Bank (NEXIM) for a USD 50 million syndicated line of financing facility to be arranged by ICD to be used by NEXIM for financing eligible private sector entities in Nigeria.

In line with its mandate of promoting economic development in its member countries, the ICD also signed an Expression of Intent  Letter for a proposed EUR 50 million Line of Financing Facility with  Afriland Bank (Cameroon),  and a Final Term Sheet for Euro 20 Million line of finance facility with AFG Bank (Cameroon), each for onward financing of SMEs and other eligible private sector companies in Cameroon. Under these facilities,  the ICD will be leading and supporting the arrangement and mobilization of resources and private capital to support the operations of these Cameroonian banks and thus contribute to fostering economic growth and prosperity in the country.

Consistent with its objective of having a diversified portfolio across its member countries, the ICD also signed a Murabaha Facility Agreement with Al Salam Bank of Bahrain (ASB) for a USD 50 million Line of Finance Facility for onward financing of eligible companies in Bahrain whose operations contribute or have the potential of contributing significantly to the growth and development of SMEs and the private sector in general in Bahrain.

ICD has also signed a strategic Memorandum of Understanding with DAMU Entrepreneurship Development Fund of Kazakhstan to establish a framework for cooperation aimed at identifying and developing financing and guarantee opportunities for Lines of financing in Kazakhstan, with a focus on supporting SMEs and private‑sector entities.

To further its support to the growth of the private sector in Kazakhstan, the ICD also signed a strategic Memorandum of Understanding with KAZAGROFINANCE JSC of Kazakhstan (KAF) to establish a common ground for partnership between the parties and the Ministry of Agriculture of Kazakhstan to extend thematic agri-sector-linked line of finance facilities to KAF under the Ministry’s subsidy program to farmers in Kazakhstan.

Additionally, Leveraging on ICD’s recent and first successful credit enhancement transaction with the African Solidarity Fund (FSA) in Mauritania in partnership with Banque Mauritanienne de l’Investissement (BMI),  the ICD signed a strategic Expression of Intent Letter with FSA as a demonstration of their intent to upscale their partnership in the use of FSA’s guarantees as credit enhancement for ICD’s line of financing operations in selected common member countries of the Parties.

Finally, the ICD also signed a Strategic MOU with the Texel Group of the UK to establish a platform of cooperation on credit portfolio enhancement through insurance. Through this MOU, the parties are aiming to combine ICD’s origination and development financing capabilities with Texel Group’s structuring and placement expertise in the use of Non-Payment Insurance to enhance risk management, optimize capital allocation, and mobilize additional financing into priority sectors, while enabling ICD to up-scale its financing activities and efficiently manage portfolio concentration and credit exposure in its member countries.

All these signed agreements represent a major step forward in ICD’s efforts to promote sustainable economic growth and financial inclusion across its member countries. By strengthening partnerships with key financial institutions and development partners, ICD continues to play a vital role in supporting private sector growth and development in its member countries.

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Held from 16 to 19 June under the theme “Regional Integration for Sustainable Prosperity,” the Annual Meetings provided a strategic platform for ICIEC to advance partnerships, support bankable projects, and reinforce its role in enabling trade and investment across its 51 Member States.

During the 14th IsDB Group Private Sector Forum (PSF), Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, participated as a speaker in the CEOs Session titled “Making Regional Integration Investable.” The session focused on how the IsDB Group can deliver integrated solutions by combining trade facilitation, investment structuring, and de-risking instruments to transform regional integration ambitions into scalable and bankable opportunities.

Following the CEOs Session, ICIEC hosted its High-Level Panel Discussion titled “De-Risking Trade & Investment for Regional Prosperity.” The session brought together around 300 participants, including senior Azerbaijani officials, business leaders, investors, development finance institutions, export credit agencies, insurers, and trade promotion organisations. The discussion highlighted Azerbaijan’s role as a strategic regional hub connecting Central Asia, the South Caucasus, Türkiye, Europe, and the wider OIC region. It also examined how Shariah-compliant risk management instruments can unlock cross-border capital, strengthen investor confidence, and support sustainable development across Member Countries.

The agreements signed during the PSF covered key areas including infrastructure, trade finance, export development, banking cooperation, and investment facilitation. They included support for strategic transactions in Nigeria, Türkiye, Uganda, and other Member Countries, alongside partnerships with financial institutions aimed at expanding access to Shariah-compliant risk mitigation and trade finance solutions.

Commenting on ICIEC’s participation, Dr. Khalid Khalafalla said: “ICIEC’s achievements in Baku demonstrate the vital role of risk mitigation in turning regional integration ambitions into bankable opportunities. The agreements concluded during the Annual Meetings will support infrastructure delivery, trade flows, investment mobilisation, and private sector growth across our Member States. ICIEC remains committed to providing the confidence and protection needed to move strategic projects from concept to implementation.”

Throughout the Annual Meetings, ICIEC held more than 80 B2B and B2G meetings with stakeholders from over 60 countries, strengthening engagement with governments, financial institutions, investors, exporters, and private sector leaders.

The ICIEC Awards recognised outstanding institutions and initiatives for their contributions to trade, investment, and sustainable development. This year, ICIEC honoured First Abu Dhabi Bank, Standard Chartered Bank, and Agrobank for landmark infrastructure and trade finance transactions that reflect the impact of effective partnerships and risk mitigation.

On the occasion of the Annual Meetings, ICIEC also issued a Special Issue themed “Corridors of Opportunities: From Azerbaijan to Central Asia, Enabling Bankable Delivery Through Risk Mitigation.” The publication highlighted Azerbaijan’s growing role as a gateway linking Central Asia, the South Caucasus, Türkiye, Europe, and the wider Islamic world. It featured perspectives on trade corridors, Islamic finance, export credit insurance, investment protection, and the role of risk mitigation in advancing sustainable growth.

ICIEC’s outcomes in Baku reaffirm its commitment to working with Member States, financial institutions, investors, and development partners to de-risk strategic projects, expand cross-border trade, and promote sustainable prosperity across the OIC region and beyond.

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