ICD Signs 13 Deals to Expand Private Sector Financing

The agreements were concluded during the IsDB Group's annual gathering, held under the theme "Regional Integration for Sustainable Prosperity."

The Islamic Corporation for the Development of the Private Sector (ICD) has signed 13 financing and strategic cooperation agreements with governments, financial institutions and development partners during the 2026 Islamic Development Bank (IsDB) Group Annual Meetings in Baku, Azerbaijan. The agreements are designed to strengthen private sector development, improve access to finance and support economic growth across several member countries through investments in small businesses, infrastructure, agriculture and financial services.

The agreements were concluded during the IsDB Group's annual gathering, held under the theme "Regional Integration for Sustainable Prosperity." They reflect ICD's continued efforts to expand financial inclusion, mobilise investment and create new opportunities for businesses in member countries by working closely with national institutions and regional partners.

Azerbaijan emerges as a major focus of new agreements

The initiative involves a framework agreement signed with the Azerbaijan Business Development Fund (ABDF) to establish a Shariah-compliant financing programme for small and medium-sized enterprises (SMEs). The programme aims to deploy up to AZN 200 million over the next two years by combining ABDF's local currency resources with ICD's financing in Azerbaijani Manat, US dollars and euros.

The arrangement introduces a local-currency financing mechanism intended to reduce the foreign exchange risks that many Azerbaijani businesses have faced, particularly smaller enterprises operating outside the country's major urban centres. Under the programme, ICD will provide financing through selected financial institutions, allowing eligible businesses to access funding in either a single currency or multiple currencies depending on their requirements.

ICD also signed a Memorandum of Understanding with the State Oil Company of the Azerbaijan Republic (SOCAR) to strengthen cooperation on infrastructure and energy projects in Azerbaijan and other member countries. The agreement establishes a framework for identifying financing opportunities for projects developed by SOCAR and its joint venture partners within existing public-private partnership models.

Additional agreements in Azerbaijan include a USD 20 million financing mandate with Azerconnect for capital expenditure projects and an Expression of Intent for a USD 15 million line of financing with Turan Bank, which will support lending to SMEs and other eligible businesses across the country.

New financing to support businesses across Africa and Central Asia

Beyond Azerbaijan, ICD expanded its activities across several member countries through financing facilities aimed at strengthening local financial institutions and supporting private sector growth.

In Nigeria, the organisation signed a mandate letter with the Nigerian Export-Import Bank (NEXIM) for a USD 50 million syndicated line of financing. The facility will be arranged by ICD and used by NEXIM to provide financial support to eligible private sector businesses operating in Nigeria.

In Cameroon, ICD signed an Expression of Intent with Afriland Bank for a proposed EUR 50 million line of financing, alongside a Final Term Sheet with AFG Bank for a EUR 20 million financing facility. Both arrangements are intended to expand lending to small and medium-sized enterprises while mobilising additional financial resources to support economic activity in the country.

The corporation also strengthened its presence in Bahrain by signing a USD 50 million Murabaha Line of Finance Facility with Al Salam Bank. The financing will support businesses whose operations contribute to the growth of SMEs and the wider private sector in Bahrain.

In Kazakhstan, ICD entered into two strategic partnerships. The first agreement, signed with the DAMU Entrepreneurship Development Fund, establishes a framework for identifying financing and guarantee opportunities that will support SMEs and private enterprises. The second Memorandum of Understanding, signed with KazAGROFINANCE JSC, focuses on expanding financing for Kazakhstan's agricultural sector under the Ministry of Agriculture's subsidy programme, helping farmers gain improved access to financial resources.

Strategic partnerships aim to strengthen long-term development

Building on an earlier credit enhancement project in Mauritania, ICD signed an Expression of Intent with the African Solidarity Fund (FSA) to expand cooperation in using guarantees that strengthen financing operations in member countries shared by both organisations. The partnership is expected to improve access to credit while reducing lending risks for participating financial institutions.

ICD also concluded a strategic Memorandum of Understanding with the Texel Group of the United Kingdom to develop cooperation in credit portfolio enhancement through insurance solutions. The partnership will combine ICD's development financing expertise with Texel's experience in structuring insurance-based risk management products, allowing the corporation to expand financing while managing portfolio concentration and credit exposure more effectively.

Collectively, the 13 agreements represent one of ICD's most comprehensive rounds of partnerships in recent years. The organisation said the initiatives will improve access to finance, encourage private investment and support sustainable economic growth across multiple sectors, including infrastructure, energy, agriculture, exports and small business development.