Development Effectiveness

Introduction

In a year marked by unprecedented human and economic challenges, the Islamic Corporation for the Development of the Private Sector (ICD) has been instrumental in addressing significant financing shortfalls. An estimated $5-7 trillion is required annually to meet the SDGs by 2030, with a notable $3.6 trillion gap, of which $2.5 trillion is in developing countries. The ICD, with its strategic mandate and expertise, remains committed to empowering the private sector, providing financial facilities, and catalyzing private capital where public finances fall short.

Core Contributions

Our cumulative approvals of $531.7 million this past year have fueled projects in vital sectors—SMEs, Energy, Transportation, and Industry—driving forward the progress toward sustainable development.

Impact Highlights

  • Jobs Supported: ICD's network of respected clients and partners has supported 89,226 jobs, with approximately 14,700 new jobs emerging in 2023.
  • SME Empowerment: A total of 2,480 SMEs have reaped the benefits of ICD's financing activities.
  • Economic Advancement: The result of ICD's supported projects includes a total of $466.6 million in export sales and $126.8 million in government revenue generation, alongside $3.8 million allocated for community development initiatives.

Looking Forward

As we navigate an ever-changing global landscape, ICD is set to evolve, embracing innovative strategies, products, instruments, and business lines. Our agile and flexible approach is designed to shape the developmental agenda actively in collaboration with Member Countries. The cultivation of new partnerships and the strengthening of existing ones are paramount in leveraging local expertise and achieving developmental milestones.

Acknowledgment

The efforts and achievements of the ICD could not have been realized without the unwavering support of our partners and clients. We extend our deepest gratitude for their collaboration.

Discover the breadth of ICD's development footprint in 2023 and our support for the private sector by downloading the Annual Development Effectiveness Report (ADER) 2023.