The Islamic Corporation for the Development of the Private Sector (ICD) Signs 13 Landmark Agreements to Promote Private Sector Growth in its Member Countries
BAKU -- The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org), a member of the Islamic Development Bank (IsDB) Group, is pleased to announce the signing of 13 significant financing and strategic cooperation agreements with various counterparts aimed at catalyzing economic development and bolstering private sector growth and initiatives across several member countries in diverse regions around the world. These agreements were signed during the 2026 Annual Meetings of the IsDB Group, held in Baku, Azerbaijan, under the theme “Regional Integration for Sustainable Prosperity”, which provided a platform for member countries to advance dialogue and cooperation on regional connectivity, resilience and inclusive growth. The signing of these agreements underscores ICD's unwavering commitment to fostering prosperity through strategic partnerships and promoting access to finance and financial inclusion in its member countries.
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 program 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 the purpose of 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 contributing 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 the purpose of 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 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 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 upscale 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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