JEDDAH — The Islamic Corporation for the Development of the Private Sector (ICD) organized a reception for IDB Governors, executive directors, Mozambican officials and private sector representatives to celebrate its 15 years anniversary in developing the private sector in its member countries.. The event was held in conjunction with the 40th IDB Annual Meeting in Mozambique. Since its inception, ICD has been active in over 40 countries, has helped develop over 270 projects, and has invested over $3 billion. Khaled Al Aboodi, CEO of ICD, said: “ICD's investments have delivered significant developmental impact throughout the Islamic world. Looking to the future, ICD has ambitions to make an even greater impact as it continues to identify promising private sector opportunities across the IDB Group's member countries.” ICD is a leading multilateral financial institution offering a multitude of Islamic finance investment and financing products and continues to play an important role for the development of the private sector in its member countries. ICD has also been successful in mobilizing resources to bring highly needed investments in certain member countries through the comfort it provides to other foreign investors by its own participation in these projects. ICD has received AA and Aa3 rating from Fitch and Moody's respectively with stable outlook.. ICD delivers direct investment and financing for larger scale projects. Complementing the direct investment approach, ICD also reaches many more local SMEs through the chain of channel financing. ICD invests in local funds, Islamic banks, and leasing companies who then channel investment funds to SMEs in their respective markets. ICD has successfully established a number of Ijara companies across the member countries and countries with Muslim minorities, specifically in Tatarstan (Russian Federation), Sudan, Kazakhstan, Tajikistan, Uzbekistan, Azerbaijan, Kyrgyzstan, Palestine, Malaysia, Brunei and Albania. In addition, ICD has a number of core activities in Africa and is seeking to increase its scope in the continent. ICD, while embracing its developmental mandate, has developed the Islamic Finance Talent Development Program (IFTDP) which is designed for mid-career professionals who possess prodigious leadership competencies. Its sole objective is to build up a pool of highly talented Islamic finance executives who are capable of leading the industry in the future. — SG
